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Radnor, Pennsylvania May 29, 2021 /PRNewswire/ – The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors to pay attention to Canaan Inc. (NASDAQ:were able) (“Canaan”) has filed a securities fraud class action on behalf of persons who purchased or obtained Canaan American Depositary Receipts (“ADR”) between February 10, 2021 with April 9, 2021, Included (“Class Hours”).
Investor deadline reminder: Investors who buy or acquire Canaan ADR Yes during class, Not later than June 14, 2021, Seeking to be appointed as the chief plaintiff representative of the collective For more information or to learn how to participate in this lawsuit, please contact Kessler Topaz Meltzer & Check, LLP: James Marlow, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; Toll free (844) 887-9500; Via e-mail info@ktmc.com; or Click on https://www.ktmc.com/canaan-inc-class-action-lawsuit?utm_source=PR&utm_medium=Link&utm_campaign=canaan
Canaan designs, manufactures and sells Bitcoin mining machines, mainly in Republic of China.
Class time starts at February 10, 2021When Canaan Zhizhi issued a press release, it said that Jianan Zhizhi “increased the visibility of revenue in 2021 because it obtained purchase orders for more than 100,000 Bitcoin mining machines from customers”. North AmericaMany of these purchase orders are prepaid and may take up [Canaan]The current manufacturing capacity is fully used for the whole year 2021 and beyond. ”
During the entire class action period, the defendant concealed that due to continued supply chain disruption and the launch of Canaan Zhizhi’s next-generation A12 series of bitcoin mining machines, Canaan’s sales in the fourth quarter of 2020 were compared with the fourth quarter. A decrease of more than 93%. Compared with the sales in the third quarter of 2020, sales in 2019 have increased by more than 93% from the previous quarter.
According to the complaint, in April 12, 2021Before the opening, Jianan Zhizhi issued a press release, disclosing the actual financial results as of the fourth quarter of 2020 and fiscal year 2020. December 31, 2020, Including computing power sold in the quarter and net income fell 93% year-on-year.
After the news, the market price of Canaan ADR fell from the closing price 18.67 USD On each ADR April 9, 2021 Closed on 13.14 USD On each ADR April 12, 2021, A drop of nearly 30%.
The complaint stated that during the entire class action period, the defendant concealed from the investing public: (1) Canaan experienced a continuous supply chain severe disruption in the fourth quarter of 2020; (2) Canaan Zhizhi’s next-generation A12 series of bitcoin mining machines The launch of Canaan cannibalize the sales of old products in the fourth quarter of 2020; (3) Due to the above reasons, the sales and sales revenue of Jianan Zhizhi in the fourth quarter of 2020 have dropped significantly; (4) Due to the above reasons, Canaan failed Realize its strong financial prospects that the market believes.
Canaan Investors may, Not later than June 14, 2021, Seek to be appointed as the chief plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other lawyers, or can choose to do nothing and continue to be absent from class members. The lead plaintiff is the representative party who directs the litigation on behalf of all class members. In order to be appointed as the lead plaintiff, the court must determine that the claim of a class member is a typical representative of the claims of other class members, and that the class member will fully represent the class. Your ability to share any recovery is not affected by the decision whether to serve as the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP is suing class actions involving securities fraud, breach of fiduciary duties, and other violations of state and federal laws in state and federal courts across the country. Kessler Topaz Meltzer & Check, LLP is the driving force behind corporate governance reforms and has recovered billions of dollars on behalf of institutional and individual investors United States And all over the world. The company represents investors, consumers, and whistleblowers (private citizens who report fraud against the government and share the recovery of government funds). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP.For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
contact:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, Pennsylvania 19087
(844) 887-9500 (toll free)
info@ktmc.com
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SOURCE Kessler Topaz Meltzer & Check, LLP
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