Home Top Movers Ebang International Holdings Inc. (EBON) stock declines during pre-market session. Why is...

Ebang International Holdings Inc. (EBON) stock declines during pre-market session. Why is it so?

Ebang International Holdings Inc. (NASDAQ: EBON) stock gained by 14.11% at last close whereas the EBON stock price plunge by 2.55% in the pre-market trading. EBON is basically a blockchain technology company in this field accompanied with strong application-specific integrated circuit (ASIC) chip design capability. EBON has become a significant bitcoin mining machine producer globally, with a lot of experience in ASIC chip design.

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What is happening?

All individuals or organizations who bought or otherwise obtained shares of Ebang International Holdings Inc. between June 26, 2020, and April 5, 2021, will be notified on May 16, 2021. A stock class action case has been filed in the United States District Court for the Southern District of New York, and you have been alerted.

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Defendants made materially false and deceptive claims during the class era, according to the lawsuit, and refused to report that:

  • Rather than being used to expand EBON’s activities, the proceeds from Ebang’s public offerings were directed to a low coupon, long-term bond to an underwriter and associated parties.
  • Ebang’s revenues were dwindling, and EBON had exaggerated recorded sales by selling faulty units, among other things.
  • Owing to accusations of embezzling investor money and inflating revenue numbers, Ebang’s efforts to go public in Hong Kong failed.
  • Ebang’s ostensibly cryptocurrency trade was simply the buying of an off-the-shelf cryptocurrency exchange.
  • Defendants’ optimistic comments about EBON’s company, activities, and prospects were materially deceptive and/or lacking a fair foundation as a consequence of the foregoing.

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To the shareholders,

If they lost money in the Ebang International case, they have until June 7, 2021, to ask the court to appoint you as the lead plaintiff. It is not necessary for them to be a lead plaintiff in order to share in any payout.

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