SGLY.US
id: 497
Singularity Future Technology (SGLY) Investor Settlement
The parties have reached an agreement to settle the case, but the terms are still being finalized.
E.D. New York
Court22-CV-07499
Case number02/02/2021
Class period Start02/24/2023
Class period EndSingularity Future Technology has reached a settlement with $SGLY investors over claims that it falsely promoted a shift from a shipping business to a crypto hardware company.
On November 16, 2022, Singularity Future Technology Ltd. (SGLY) disclosed that “The Company has received subpoenas from the US Attorney’s Office for the Southern District of New York and the SEC. The Company is complying with these subpoenas and fully cooperating with these governmental entities. Additionally, the Special Committee of the Company’s Board of Directors is continuing to investigate the claims raised by Hindenburg Research on May 5, 2022, and other related matters.”
On this news, Singularity’s stock prices plunged 18%, seriously damaging investors.
Going back in May 2022, Hindenburg released a report highlighting concerns with Singularity's CEO Yang Jie and alleging that the crypto-mining-related company has no "actual business operations." SGLY has a market cap of about $133 million.
Investors have now reasons to suspect multiple violations against shareholders.
Case Type
US Securities Class Action
Case Status
Tentative Settlement
Alleged Offence
Mismanagement,
Fraud,
Failure to Disclose,
Malpractice,
Negligence,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management,
Shareholder,
Investment Bank,
Service Provider
Security Type
Stocks
Trade Direction
Long
Filing date
12/09/2022
Plaintiffs
Ruibin Wang
Attorneys
Scott+Scott
Defendants
Yang Jie; Zhikang Huang
Trades matching type
FIFO
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