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Lawsuit filed for Investors in Ideanomics, Inc. (NASDAQ: IDEX) shares

07-23-2019 10:20 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Ideanomics, Inc. (NASDAQ: IDEX) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Ideanomics, Inc. (NASDAQ: IDEX) shares over alleged securities laws violations.

An investor, who purchased shares of Ideanomics, Inc. (NASDAQ: IDEX), filed a lawsuit over alleged violations of Federal Securities Laws by Ideanomics, Inc. f/k/a Seven Stars Cloud Group, Inc. f/k/a Wecast Network Inc.

Investors who purchased shares of Ideanomics, Inc. (NASDAQ: IDEX) have certain options and for certain investors are short and strict deadlines running. Deadline: September 17, 2019. NASDAQ: IDEX investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

New York based Ideanomics, Inc. operates as a financial technology and asset digitization services company. On November 14, 2018, Ideanomics, Inc. announced that the Company “intend[ed] to phase out [its] oil trading and consumer electronics businesses, with the intention to fully divest these assets in the near future.” Ideanomics also disclosed that it did “not anticipate meeting [its] EBITDA guidance of $35 million for fiscal year 2018,” citing “costs associated with building out [its] U.S. infrastructure and hiring [its] new executive team.”
Shares of Ideanomics, Inc. (NASDAQ: IDEX) declined from $5.75 per share in August 2018 to as low as $1.12 per share in December 2018.

The plaintiff claims that between May 15, 2017 and November 13, 2018, the defendants failed to disclose to investors that costs associated with building out Ideanomics’ U.S. infrastructure and hiring its new executive team were negatively impacting the Company’s bottom line performance, that as a result, Ideanomics was highly unlikely to meet its 2018 EBITDA guidance, that Ideanomics’ margins in its oil trading and consumer electronics businesses were too low for those businesses to remain viable, and that as a result, Ideanomics’ public statements were materially false and misleading at all relevant times.

Those who purchased shares of Ideanomics, Inc. (NASDAQ: IDEX) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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