ACCESS Newswire
24 Jan 2023, 19:49 GMT+10
SAN FRANCISCO, CA / ACCESSWIRE / January 24, 2023 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP urges investors in Singularity Future Technology Ltd. f/k/a Sino-Global Shipping America Ltd. ('Singularity' or the 'Company') who suffered losses from trading Singularity securities (NASDAQ:SGLY, formerly SINO) between February 12, 2021 and November 17, 2022 to contact our law firm immediately regarding the pending securities fraud class action against Singularity. The deadline to apply to be a lead plaintiff is February 7, 2023.
Class Period: February 12, 2021 - November 17, 2022
Lead Plaintiff Motion Deadline: February 7, 2023
Case information: lieffcabraser.com/securities/singularity
Contact us: Email or text [email protected] or call 1-800-541-7358
The action alleges that, throughout the Class Period, Singularity and certain of its senior executives failed to disclose: (1) that former Vice-President ('VP') and later Chief Executive Officer, President, and Executive, defendant Yang Jie, had misrepresented his educational background, had an outstanding warrant for his arrest in China, had committed forgery, and was the largest shareholder and VP of Finance for China Commercial Credit ('CCC'), which had failed after posting major losses; (2) the Company engaged in material related party transactions; (3) a member of Singularity's Board of Directors had served as a director of CCC; and (4) Singularity lacked adequate internal controls and was subject to a heightened risk of regulatory scrutiny and possible delisting by NASDAQ.
On May 5, 2022, financial research firm Hindenburg Research issued a report alleging 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' and 'fled to the U.S. while at least 28 other individuals involved in the case were sentenced to prison terms ranging from 6 months to 15 years.' The report also stated that 'Singularity's massive [cryptocurrency] mining rig deal appears to be a brazen undisclosed related party deal' and that '[w]e 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 this news, the price of Singularity stock fell $1.95, or 40.63%, to close at $4.80 per share on May 5, 2022, on heavy trading volume.
On October 7, 2022, Singularity announced that it may be delisted by NASDAQ. On this news, the price of Singularity stock fell $0.27, or 11.79%, to close at $2.29 per share on October 7, 2022.
On November 16, 2022, Singularity revealed that it had received subpoenas from the U.S. Attorney's Office of the Southern District of New York and the Securities and Exchange Commission in connection with the claims made in Hindenburg report. On this news, the price of Singularity's stock fell $0.48, or 22.97%, to close at $2.09 per share on November 16, 2022, on heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a 'Plaintiffs' Powerhouse' by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.
Contact:
Sharon Lee
Lieff Cabraser Heimann & Bernstein, LLP
415 956-1000
[email protected]
SOURCE: Lieff Cabraser Heimann & Bernstein, LLP
Get a daily dose of Atlanta Leader news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Atlanta Leader.
More InformationMOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...
CAIRO, Egypt: This week, both Hamas and Israel shared their views ahead of expected peace talks about a new U.S.-backed ceasefire plan....
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
PARIS, France: Fast-fashion giant Shein has been fined 40 million euros by France's antitrust authority over deceptive discount practices...
PALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...