Press release
Investigation announced for Investors in Singularity Future Technology Ltd. (NASDAQ: SGLY) shares
An investigation for investors in Singularity Future Technology Ltd. (NASDAQ: SGLY) shares.
Investors who purchased shares of Singularity Future Technology Ltd. (NASDAQ: SGLY), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on whether a series of statements by Singularity Future Technology Ltd. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Great Neck, NY based Singularity Future Technology Ltd. develops solutions for interconnected AI networks in the revolutionized AI and Blockchain suppl management area and establishes crypto mining pools. Singularity Future Technology Ltd. reported that its Total Revenue declined from $6.53 million for the 12 months period that ended on June 30, 2020, to $5.15 million for the 12 months period that ended on June 30, 2021, and that its Net Loss over those respective time periods declined from $16.45 million to $6.82 million.
On May 3, 2022, Hindenburg Research released a short report regarding Singularity's management, operations, and business. The Hindenburg Research report stated that "Singularity's CEO, Yang Jie, is a fugitive on the run from Chinese authorities for running an alleged $300 million Ponzi scheme that lured in over 20,000 victims." Further claiming, "We see little evidence that Singularity's 'proprietary' crypto mining rigs ever existed in the first place. The photos and descriptions of Singularity's miners match precisely with another brand called KOI Miner."
Shares of Singularity Future Technology Ltd. (NASDAQ: SGLY) declined from $19.86 per share on April 7, 2022, to as low as $4.05 per share on May 9, 2022.
Those who purchased shares of Singularity Future Technology Ltd. (NASDAQ: SGLY) have certain options and should contact the Shareholders Foundation.
Contact:
Christopher Clausen
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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