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Lawsuit filed for Investors in NASDAQ: IDEX shares over alleged Misleading Statements by Ideanomics, Inc.

07-14-2020 05:05 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..

Investors who purchased shares of Ideanomics, Inc. (NASDAQ: IDEX) have certain options and for certain investors are short and strict deadlines running. Deadline: August 27, 2020. NASDAQ: IDEX investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On June 25, 2020, Hindenburg Research issued a series of tweets stating that Ideanomics “is an egregious & obvious fraud.” Hindenburg claimed that it found evidence that Ideanomics “doctored photos in its PR to suggest it owns/operates” a facility. Hindenburg further stated that it had an investigator who visited Ideanomics’ “supposed MEG sales center,” and that the “facility is actually operated by almost 100 sales groups,” that had never heard of Ideanomics. Additionally, Hindenburg claimed that its investigator called five of Ideanomics’ purported electric vehicle customers, and that none were aware of Ideanomics, nor could they confirm doing business with Ideanomics.

Also on June 25, 2020, analyst J Capital Research issued a report on Ideanomics entitled “Champion of Promotes.” J Capital wrote, in part, that “Ideanomics . . . is a zero. The company changes its name and promotional story so frequently that it’s hard to keep up. One thing remains a constant, despite all the press releases, buzzwords and hype: shareholders get wiped out.” J Capital continued, in a tweet, that “[w]e called all the ‘buyers’ named in [Ideanomics’] press releases this month. Not a single one had made a purchase. One of them thanked us for alerting them to ‘fake news.’”
Shares of Ideanomics, Inc. (NASDAQ: IDEX) declined from $3.98 per share on June 22, 2020 to as low as $1.20 per share on June 26, 2020.

The plaintiff claims that between March 20, 2020 and June 25, 2020, the Defendants made false and/or misleading statements and/or failed to disclose that Ideanomics' MEG Center in Qingdao was not "a one million square foot EV expo center", that the Company had been using doctored or altered photographs of the purported MEG Center in Qingdao, that the Company's electric vehicle business in China was not performing nearly as strong as Ideanomics had represented, and that as a result, the Company's 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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