Home Trending Stocks Why is Ebang International Holdings Inc. (EBON) stock falling today?

Why is Ebang International Holdings Inc. (EBON) stock falling today?

The Gross Law firm announced the class action against Ebang International Holdings Inc. (EBON) stock on the behalf of its shareholders who bought shares of Ebang International Holdings Inc. between June 26, 2020, and April 5, 2021, after which the EBON stock price fell by 4.22% to drop at $2.95 a share at the time of this writing. EBON stock went up by 3.01% at the previous closing. Let’s discuss more about EBON stock.

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What’s Happening?

The defendants of EBON stock were alleged of misleading statements or false information due to which class action has been filed against it by the Gross Law firm today. The misleading statement or false information is related to misuse of proceeds from Ebang’s public offering, Ebang’s false sales result, Ebang’s failed attempts to go public in Hong Kong, and off-the-shelf cryptocurrency exchange. As a result of this, Ebang’s public statements related to its business prospects and operations were materially false at relevant times. Many other law firms also announced the class filing against EBON stock in the recent previous days.

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Here is what you need to know about Ebang International:

  • Ebang International Holdings Inc is a blockchain technology firm founded in 2018 and based in Hangzhou, China.
  • EBON stock is mainly developing and manufacturing integrated circuit chips and Bitcoin mining machines.
  • EBON stock also provides hosting services to its customer so that they operate mining machines in remote areas.
  • The manufacturing of fiber optical products is another operating area of EBON stock.
  • EBON stock sells its blockchain products both online and offline.
  • The market cap of EBON stock is 572.372 million and its average trading volume is 20,048,570.

Balance Sheet of EBON stock:

As of December 31, 2020, EBON stock had cash and short-term investments of 54.5 million as compared to 3.46 million on the same date of 2019 and total current assets of 68.6 million.

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Conclusion:

EBON stock price is gloomy today in the stock market following the class action announcement by the Gross Law firm. The overall business was affected to some extent due to COVID-19  and now the Chinese government’s strict regulation related to Bitcoin mining could further affect the business. Hence investors require a lot of research before adding the stock to their portfolio.

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