Lawsuit filed for Investors in shares of Ebang International Holdings Inc. (NASDAQ: EBON)

An investor, who purchased shares of Ebang International Holdings Inc. (NASDAQ: EBON), filed a lawsuit in the captioned over alleged violations of Federal Securities Laws by Ebang International Holdings Inc.

If you purchased shares of Ebang International Holdings Inc. (NASDAQ: EBON), you have certain options and for certain investors are short and strict deadlines running. Deadline: June 7, 2021. NASDAQ: EBON investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

China based Ebang International Holdings Inc., through its subsidiaries, engages in the research, design, and development of application-specific integrated circuit chips and manufacture of Bitcoin mining machines in China, the United States, Hong Kong, and internationally.
On or about June 26, 2020, Ebang International Holdings Inc. sold about 19.3 million shares of stock in its initial public stock offering (the "IPO") at $5.23 a share, raising nearly $101 million in new capital.
On April 6, 2021, a report was issued concerning Ebang International Holdings Inc. wherein the report detailed a series of alleged red flags about Ebang International Holdings Inc. Specifically, the report stated, "While the company represented that it would use the majority of its numerous capital proceeds to develop its business operations, our research discovered it instead directed much of the cash out of the company through a series of opaque deals with insiders and questionable counterparties."

Shares of Ebang International Holdings Inc. (NASDAQ: EBON) declined to $4.93 per share on April 8, 2021.

The plaintiff claims that between June 26, 2020 and April 5, 2021, the defendants failed to disclose to investors that the proceeds from Ebang’s public offerings had been directed to an low yield, long term bonds to an underwriter and to related parties rather than used to develop the Company’s operations, that Ebang’s sales were declining and the Company had inflated reported sales, including through the sale of defective units, that Ebang’s attempts to go public in Hong Kong had failed due to allegations of embezzling investor funds and inflated sales figures, that Ebang’s purported cryptocurrency exchange was merely the purchase of an out-of-the-box crypto exchange, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Those who purchased shares of Ebang International Holdings Inc. (NASDAQ: EBON) have certain options and should contact the Shareholders Foundation.

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 lawsuits, 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.

This release was published on openPR.