The law firm Wolf Haldenstein Adler Freeman & Herz LLP announced the filing of a class-action in the United States District Court for the Southern District of New York against Chinese mining company Ebang International Holdings Inc.<\/p>\n
The plaintiffs will include investors who purchased the company’s shares from June 26, 2020, through April 5, 2021, inclusive.<\/p>\n
Anyone wishing to join the suit may contact the lawyers no later than June 7, 2021.<\/p>\n
Ebang is suspected of misallocation of $374 million<\/a>, raised through four rounds after the IPO. According to Hindenburg Research, $103 million of this amount was spent on the purchase of shares of the underwriter AMTD Group with a dubious reputation. Another $21 million went to repayment of loans raised by a relative of founder Dong Hu.<\/p>\n The company called Hindenburg Research’s conclusions unfounded. In the wake of these statements, Ebang’s shares fell 14.8% during trading on April 6-7.<\/p>\n Earlier, in late June 2020, Ebang said it planned to expand its business by creating an exchange after its Nasdaq IPO.<\/p>\n During the initial public offering the company raised $101 million.<\/p>\n Subscribe to ForkLog news on Telegram: ForkLog Feed<\/a> \u2014 all the news feed, ForkLog<\/a> \u2014 the most important news, infographics and opinions.<\/p>\n","protected":false},"excerpt":{"rendered":" The law firm Wolf Haldenstein Adler Freeman & Herz LLP announced the filing of a class-action lawsuit in the United States District Court for the Southern District of New York against the mining company Ebang.<\/p>\n","protected":false},"author":1,"featured_media":40899,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,1137,844,26],"class_list":["post-40898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-cryptocurrency-mining","tag-ebang","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/40898","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=40898"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/40898\/revisions"}],"predecessor-version":[{"id":40900,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/40898\/revisions\/40900"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/40899"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=40898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=40898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=40898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}