{"id":41250,"date":"2021-04-22T17:34:19","date_gmt":"2021-04-22T14:34:19","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=41250"},"modified":"2025-08-30T17:56:54","modified_gmt":"2025-08-30T14:56:54","slug":"another-u-s-class-action-filed-against-ebang","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/another-u-s-class-action-filed-against-ebang\/","title":{"rendered":"Another U.S. class-action filed against Ebang"},"content":{"rendered":"<p>The American law firm Bronstein, Gewirtz &#038; Grossman <a href=\"https:\/\/www.bgandg.com\/ebon\">notified<\/a> investors about the filing of a class-action lawsuit against the Chinese mining company Ebang International Holdings.<\/p>\n<p>The complaint is filed on behalf of Ebang shareholders who bought its shares between June 26, 2020 and April 5, 2021.<\/p>\n<p>Lawyers accused the ASIC-miner manufacturer and some of its employees of securities-law violations and intend to recover losses investors sustained as a result.<\/p>\n<p>The complaint alleges that during the period in question the defendants made false or misleading statements and failed to disclose that:<\/p>\n<ul class=\"wp-block-list\">\n<li>The proceeds from the Ebang share placement were invested in the underwriter&#8217;s low-yield long-term bonds, rather than being directed to developing the business;<\/li>\n<li><a href=\"https:\/\/forklog.com\/en\/news\/ebang-explains-50-drop-in-revenue-amid-the-pandemic\">sales were falling<\/a>, and the firm overstated their volume, including through the sale of defective devices;<\/li>\n<li>The attempt by Ebang to list in Hong Kong was derailed by allegations of misappropriation of investor funds and inflated sales data;<\/li>\n<li><a href=\"https:\/\/forklog.com\/en\/news\/chinese-mining-giant-ebang-launches-cryptocurrency-exchange\">the launch of a crypto exchange<\/a> was simply the purchase of a ready-made trading platform.<\/li>\n<\/ul>\n<p>Bronstein, Gewirtz &#038; Grossman said that investors could join the suit by June 7, 2021.<\/p>\n<p>The filing followed the publication of a report by Hindenburg Research analysts, who suspected Ebang of <a href=\"https:\/\/forklog.com\/en\/news\/ebang-shares-slide-14-8-after-short-sell-call\">misallocation of $374 million<\/a> raised in four rounds after the IPO.<\/p>\n<p>Earlier, <a href=\"https:\/\/forklog.com\/en\/news\/us-investors-prepare-class-action-suit-against-mining-company-ebang\">a class-action against the Chinese company<\/a> was filed in New York by the law firm Wolf Haldenstein Adler Freeman &#038; Herz.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The American law firm Bronstein, Gewirtz &#038; Grossman notified investors about the filing of a class-action lawsuit against the Chinese mining company Ebang International Holdings.<\/p>\n","protected":false},"author":1,"featured_media":41251,"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":[1162,844,27,26],"class_list":["post-41250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-ebang","tag-russia","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/41250","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=41250"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/41250\/revisions"}],"predecessor-version":[{"id":41252,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/41250\/revisions\/41252"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/41251"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=41250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=41250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=41250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}