SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Ebang International Holdings Inc Investors
NEW YORK, April 7, 2021 / PRNewswire / – Pomerantz LLP is investigating claims on behalf of investors of Ebang International Holdings Inc. (“EBON” or the “Company”) (NASDAQ: EBON). These investors are advised to contact Robert S. Willoughby To [email protected] or 888-476-6529, ext. 7980.
The investigation aims to determine whether Ebang and any of its officers and / or directors have engaged in securities fraud or other illegal business practices.
[Click here for information about joining the class action]
At April 6, 2021, Hindenburg Research (“Hindenburg”) published a report on Ebang, alleging that the company used the proceeds of recent stock offerings to funnel money to insiders and “dubious counterparties.” According to the Hindenburg report, Ebang raised $ 21 million in november 2020, asserting that the revenues would be allocated “mainly to development”. The Hindenburg report alleges that $ 21 million had in fact been instructed to repay loans between related parties to a relative of the President and CEO of the Company Dong Hu. The Hindenburg report also noted that EBang’s previous efforts to go public on the Hong Kong Stock Exchange failed due to widespread media coverage of its relationship with Yindou, a huge Chinese peer-to-peer lending program. peer who defrauded 20,000 individual investors in 2018, with $ 655 million “disappear[ing] in the air.”
On this news, Ebang’s stock price fell $ 0.82 per share or 12.91% per cent to close at $ 5.53 per share on April 6, 2021.
The Pomerantz firm, with offices in new York, Chicago, Los Angeles, and Paris is recognized as one of the leading firms in the areas of corporate law, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class actions bar, the Pomerantz law firm was a pioneer in the field of class actions in securities. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and professional misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext 7980
SOURCE Pomerantz LLP