Glancy Prongay & Murray LLP (“GPM”), a national shareholder rights law firm, continues its investigation on behalf of Ebang International Holdings, Inc. (“Ebang” or the “Company”) (NASDAQ: EBON) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Ebang investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/ebang-international-holdings-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
On April 6, 2021, analyst Hindenburg Research published a report alleging the Chinese cryptocurrency company is directing proceeds from its IPO last year into a “series of opaque deals with insiders and questionable counterparties.” According to the report, Ebang raised $21 million in November 2020, claiming the proceeds would go “primarily for development,” and that allegedly $21 million was directed to repay related-party loans to a relative of the company’s Chairman/CEO Dong Hu. The report also noted that Ebang’s earlier efforts to go public on the Hong Kong Stock Exchange failed due to widespread media coverage of its relationship with Yindou, a massive Chinese peer-to-peer online lending scheme that defrauded 20,000 retail investors in 2018, with $655 million “vanish(ing) into thin air”.
On this news, the Company’s share price fell $0.82, or approximately 13%, to close at $5.53 per share on April 6, 2021, thereby injuring investors.
Whistleblower Notice: Persons with non-public information regarding Ebang should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email firstname.lastname@example.org.
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