Press release
Lawsuit filed for Investors in shares of Singularity Future Technology Ltd. (NASDAQ: SGLY)
A lawsuit was filed on behalf of investors in Singularity Future Technology Ltd. (NASDAQ: SGLY) shares.
Investors who purchased shares of Singularity Future Technology Ltd. (NASDAQ: SGLY) have certain options and for certain investors are short and strict deadlines running. Deadline: February 7, 2023. NASDAQ: SGLY investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
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.
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."
On November 16, 2022 Singularity Future Technology disclosed in a filing with the SEC governmental investigations of Singularity Future Technology related to the claims raised by Hindenburg Research on May 5, 2022 and other related matters.
Shares of Singularity Future Technology Ltd. (NASDAQ: SGLY) declined from $19.86 per share on April 7, 2022, to as low as $0.71 on December 1, 2022.
The plaintiff claims that between February 12, 2021 and November 17, 2022, the defendants made false and/or misleading statements and/or failed to disclose that the Company's former Chief Executive Officer ("CEO") Yang Jie's true educational background, that he had an outstanding arrest warrant in China, committed forgery, was the largest shareholder and Vice President of Finance, for a Nasdaq-listed lending company, China Commercial Credit ("CCC"), which failed after reporting massive losses, that material related party transactions with SOS Information Technology New York Inc. ("SOS") (where Jie's wife was Vice President) and Rich Trading Co. Ltd USA ("Rich Trading"), that independent director John Levy's long tenure as a director of CCC, that the Company lacked adequate internal controls and as a result had a heightened risk of scrutiny and ultimately was subject to a United States Attorney's Office for the Southern District of New York and SEC investigation and action as well as a potential delisting by NASDAQ, and that the Company's statements during the Class Period about the historical financial and operational metrics and purported market opportunities did not accurately reflect the actual business, operations, and financial results and trajectory of the Company, and were materially false and misleading, and lacked a factual basis.
Those who purchased shares of Singularity Future Technology Ltd. (NASDAQ: SGLY) 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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