The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Ebang International Holdings Inc. (“Ebang” or “the Company”) (NASDAQ: EBON) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Ebang is the subject of a report published by Hindenburg Research on April 6, 2021, titled: “Ebang: Yet Another Crypto ‘China Hustle’ Absconding With U.S. Investor Cash.” According to the report, the Company’s is funneling the proceeds of its initial public offering (IPO) to a “series of opaque deals with insiders and questionable counterparties.” The report alleges that $21 million raised in a secondary offering “primarily for development” actually was used to repay related-party loans. Based on this news, shares of Ebang fell 12% on the same day.
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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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