Press release
Deadline on June 14th coming up in Lawsuit for Investors in Canaan Inc. (NASDAQ: CAN)
A Deadline is coming up on June 14, 2021 in the lawsuit for certain investors in Canaan Inc. (NASDAQ: CAN).
Investors who purchased shares of Canaan Inc. (NASDAQ: CAN) have certain options and there are strict and short deadlines running. Deadline: June 14, 2021. NASDAQ: CAN stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges on behalf of purchasers of Canaan Inc. (NASDAQ: CAN) common shares between February 10, 2021 and April 9, 2021, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Canaan Inc issued between February 10, 2021 and April 9, 2021 Company’s business metrics and financial prospects that were materially false and misleading in that they concealed that due to ongoing supply chain disruptions and the introduction of the Company’s next-generation A12 series bitcoin mining machines – which had cannibalized sales of the older product offerings – Canaan’s 4Q20 sales had declined more than 93% year-over-year compared to its fourth quarter fiscal year 2019 ("4Q19") sales and more than 93% quarter-over-quarter compared to its third quarter FY20 ("3Q20") sales and that as a result, Canaan’s 4Q20 total net revenues had decreased to RMB38.2 million (US$5.9 million) from RMB463.2 million in 4Q19 and RMB163.0 million in 3Q20.
Those who purchased shares of Canaan Inc. (NASDAQ: CAN) 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.
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