Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.


April 14, 2021 GMT

NEW YORK, April 13, 2021 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against Ebang International Holdings Inc. (NASDAQ: EBON) on behalf of shareholders who purchased shares between June 26, 2020 and April 5, 2021, inclusive (the “Class Period”).


If you have incurred losses in the shares of Ebang International Holdings Inc., you may, no later than June 7, 2021, request that the Court appoint you lead plaintiff of the proposed class.   Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Ebang International Holdings Inc.


On April 6, 2021, before the market opened, Hindenburg Research reported that Ebang is directing proceeds from its IPO into a “series of opaque deals with insiders and questionable counterparties.” According to the report, Ebang raised $21 million, claiming the proceeds would go “primarily for
development,” but instead used the funds to repay related-party loans to a relative of Ebang’s CEO, Dong Hu.

The report also noted that Ebang failed to go public on the Hong Kong Stock Exchange due to a sales inflation scheme with Yindou, a Chinese peer-to-peer online lending platform that defrauded 20,000
retail investors in 2018 with $655 million “vanish[ing] into thin air.” The report also challenged Ebang’s claim to be the leading bitcoin producer globally and noted that the Company’s sales appeared to be “defective units or just fabricated altogether.”

On this news, Ebang’s stock price fell approximately 13%, to close at $5.53 per share on April 6, 2021. In response, Ebang issued a statement that it believed the report “contain[ed] many errors, unsupported speculations and inaccurate interpretations of events,” and indicated that the Board and Audit Committee would review the allegations. The Company’s stock price declined further on this news.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.


If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website.


Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.