ACCESSWIRE
25 Jan 2023, 00:19 GMT+10
SAN FRANCISCO, CA / ACCESSWIRE / January 24, 2023 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP urges investors in Singularity Future Technology Ltd. f/k/a Sino-Global Shipping America Ltd. ('Singularity' or the 'Company') who suffered losses from trading Singularity securities (NASDAQ:SGLY, formerly SINO) between February 12, 2021 and November 17, 2022 to contact our law firm immediately regarding the pending securities fraud class action against Singularity. The deadline to apply to be a lead plaintiff is February 7, 2023.
Class Period: February 12, 2021 - November 17, 2022
Lead Plaintiff Motion Deadline: February 7, 2023
Case information: lieffcabraser.com/securities/singularity
Contact us: Email or text investorinfo@lchb.com or call 1-800-541-7358
The action alleges that, throughout the Class Period, Singularity and certain of its senior executives failed to disclose: (1) that former Vice-President ('VP') and later Chief Executive Officer, President, and Executive, defendant Yang Jie, had misrepresented his educational background, had an outstanding warrant for his arrest in China, had committed forgery, and was the largest shareholder and VP of Finance for China Commercial Credit ('CCC'), which had failed after posting major losses; (2) the Company engaged in material related party transactions; (3) a member of Singularity's Board of Directors had served as a director of CCC; and (4) Singularity lacked adequate internal controls and was subject to a heightened risk of regulatory scrutiny and possible delisting by NASDAQ.
On May 5, 2022, financial research firm Hindenburg Research issued a report alleging that 'Singularity's CEO, Yang Jie, is a fugitive on the run from Chinese authorities for running an alleged $300 million Ponzi scheme that lured in over 20,000 victims' and 'fled to the U.S. while at least 28 other individuals involved in the case were sentenced to prison terms ranging from 6 months to 15 years.' The report also stated that 'Singularity's massive [cryptocurrency] mining rig deal appears to be a brazen undisclosed related party deal' and that '[w]e see little evidence that Singularity's ‘proprietary' crypto mining rigs ever existed in the first place. The photos and descriptions of Singularity's miners match precisely with another brand called KOI Miner.' On this news, the price of Singularity stock fell $1.95, or 40.63%, to close at $4.80 per share on May 5, 2022, on heavy trading volume.
On October 7, 2022, Singularity announced that it may be delisted by NASDAQ. On this news, the price of Singularity stock fell $0.27, or 11.79%, to close at $2.29 per share on October 7, 2022.
On November 16, 2022, Singularity revealed that it had received subpoenas from the U.S. Attorney's Office of the Southern District of New York and the Securities and Exchange Commission in connection with the claims made in Hindenburg report. On this news, the price of Singularity's stock fell $0.48, or 22.97%, to close at $2.09 per share on November 16, 2022, on heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a 'Plaintiffs' Powerhouse' by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.
Contact:
Sharon Lee
Lieff Cabraser Heimann & Bernstein, LLP
415 956-1000
slee@lchb.com
SOURCE: Lieff Cabraser Heimann & Bernstein, LLP
Get a daily dose of Cleveland Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Cleveland Star.
More InformationWASHINGTON D.C.: The US has again asked Mexico to investigate claims that workers at an auto parts facility of American ...
WASHINGTON D.C.: Tesla confirmed this week that the US Justice Department has requested documents related to its Full Self-Driving and ...
TOKYO, Japan: Toyota has announced that it sold 10.5 million vehicles in 2022, maintaining its position as the world's top-selling ...
NEW YORK, New York - Technology stocks had a hay day Thursday with Facebook parent Meta rocketing up nearly 30 ...
FRANKFURT, Germany: Data released this week showed that the German economy unexpectedly shrank in the fourth quarter of 2022, indicating ...
TOKYO, Japan: In a statement posted on the website of the Chinese Embassy in Tokyo, Beijing announced that it will ...
DALLAS, Texas: Oil and gas pipeline operators are preparing to stockpile equipment following severe weather forecasts for the next few ...
WASHINGTON D.C.: The White House said this week that Tesla Chief Executive Elon Musk met with John Podesta, a Democratic ...
The Denver Broncos have requested to interview both Brian Flores and Sean Desai for their defensive coordinator position, the NFL ...
Kyrie Irving's tumultuous NBA career is set to take another dramatic turn after multiple outlets reported Friday the Brooklyn Nets ...
Inspired by the lifesaving medical attention Damar Hamlin received on the field during a game last month, the NFL and ...
Former Kentucky point guard and two-time NBA champion Rajon Rondo likely is to join the Kentucky coaching staff as a ...