Lost money at Ebang International?
OAKLAND, Calif .– (COMMERCIAL THREAD) – Shares of Ebang International Holdings Inc. fell 13% in intraday trading on April 6, 2021 after a report by Hindenburg Research claimed that the Chinese cryptocurrency firm had funneled hundreds of millions of dollars. dollars from investors to “dubious counterparties” and “insiders”. Gibbs Law Group is studying a potential Ebang Stock Class Action on behalf of investors who lost money in Ebang International (NASDAQ: EBON).
To speak to a lawyer about this class action investigation, Click here or call (888) 410-2925.
On Tuesday April 6, 2021, Hindenburg Research released a report alleging that after raising four fundraisers from investors since its IPO in June 2020, Ebang has spent more than $ 100 million on “dark deals with insiders ”and“ dubious counterparties ”instead of developing its business operations as promised. For example, in November 2020, Ebang raised $ 21 million in its first secondary offering and claimed the proceeds would go “primarily to development,” but the company then spent $ 21 million to repay loans between related parties. a relative of Ebang CEO Dong Hu.
Although Ebang made his debut as a “major producer of bitcoin mining machines”, Hindenburg alleges that its last miner was released in May 2019 and that sales of miners have since “declined.[d] close to zero. Next, Ebang reports that its cryptocurrency exchange Ebonex is one of the largest spot exchanges in the world, but Hindenburg alleges that Ebonex appears to have “no online presence” and its volumes appear “fictitious.”
On this news, Ebang shares fell 13% in intraday trading on Tuesday, April 6, 2021, causing significant damage to investors.
What must Are Ebang investors doing it?
If you have invested in Ebang, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you might be able to recoup your losses. Our investigation focuses on whether Ebang International Holdings Inc. has violated federal securities laws.
About Gibbs Law Group
Gibbs Law Group represents individual and institutional investors nationwide in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duties and breaches of power of attorney. The firm has recouped over $ 1 billion for its clients from some of the world’s largest corporations, and our attorneys have received numerous accolades for their work, including “Best Lawyers in America,” “Best Plaintiff’s Lawyers in California “California Lawyer Attorney of the Year”, “Top Class Lawyers Under 40”, “MVP of Consumer Protection” and “Top Cyber Security / Privacy Lawyers Under 40”.
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