{"id":474013,"date":"2021-04-08T22:53:23","date_gmt":"2021-04-09T02:53:23","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=474013"},"modified":"2021-04-08T22:53:23","modified_gmt":"2021-04-09T02:53:23","slug":"ebon-class-action-notice-the-law-offices-of-frank-r-cruz-files-securities-fraud-lawsuit-against-ebang-international-holdings-inc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ebon-class-action-notice-the-law-offices-of-frank-r-cruz-files-securities-fraud-lawsuit-against-ebang-international-holdings-inc\/","title":{"rendered":"EBON CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Ebang International Holdings, Inc."},"content":{"rendered":"<p>        <!--body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>EBON CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Ebang International Holdings, Inc.<\/b><\/p>\n<p>LOS ANGELES&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.frankcruzlaw.com%2F&amp;esheet=52409081&amp;newsitemid=20210408005995&amp;lan=en-US&amp;anchor=The+Law+Offices+of+Frank+R.+Cruz&amp;index=1&amp;md5=e919fd0f0cb7ab4eb10d4454a64018e0\">The Law Offices of Frank R. Cruz<\/a> announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York captioned <i>Zaker v.<\/i><i>Ebang International Holdings Inc., et al.,<\/i> (Case No. 1:21-cv-03060) on behalf of persons and entities that purchased or otherwise acquired Ebang International Holdings, Inc. (\u201cEbang\u201d or the \u201cCompany\u201d) (NASDAQ: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ffinance.yahoo.com%2Fquote%2FEBON&amp;esheet=52409081&amp;newsitemid=20210408005995&amp;lan=en-US&amp;anchor=EBON&amp;index=2&amp;md5=b912aacfd846edc20260cac70ee84ac2\">EBON<\/a>) securities between <b>June 26, 2020 and April 5, 2021<\/b>, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d).\n<\/p>\n<p>\nInvestors are hereby notified that they have until <b>60 days from this notice<\/b> to move the Court to serve as lead plaintiff in this action.\n<\/p>\n<p>\nIf you are a shareholder who suffered a loss, click <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.frankcruzlaw.com%2Fcases%2Febang-international-holdings-inc%2F&amp;esheet=52409081&amp;newsitemid=20210408005995&amp;lan=en-US&amp;anchor=here&amp;index=3&amp;md5=443855b6b7f62208d6f723c1f56e76d9\">here<\/a> to participate.\n<\/p>\n<p>\nOn April 6, 2021, before the market opened, Hindenburg Research published a report alleging, among other things, that Ebang is directing proceeds from its IPO last year into a \u201cseries of opaque deals with insiders and questionable counterparties.\u201d According to the report, Ebang raised $21 million in November 2020, claiming the proceeds would go \u201cprimarily for development,\u201d and that instead the funds were directed to repay related-party loans to a relative of the Ebang\u2019s Chief Executive Officer, Dong Hu. The report also noted that Ebang\u2019s earlier efforts to go public on the Hong Kong Stock Exchange had failed due to widespread media coverage of 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 \u201cvanish[ing] into thin air.\u201d\n<\/p>\n<p>\nOn this news, the Company\u2019s share price fell $0.82, or approximately 13%, to close at $5.53 per share on April 6, 2021, on unusually heavy trading volume.\n<\/p>\n<p>\nOn April 6, 2021, after the market closed, Ebang issued a statement stating that, though it believed the report \u201ccontain[ed] many errors, unsupported speculations and inaccurate interpretations of events,\u201d the \u201cBoard, together with its Audit Committee, intends to further review and examine the allegations and misinformation therein and will take whatever necessary and appropriate actions may be required to protect the interest of its shareholders.\u201d\n<\/p>\n<p>\nOn this news, the Company\u2019s share price fell $0.12, or 2.17%, to close at $5.41 per share on April 7, 2021. The stock price continued to decline over the next trading session by $0.38, or 7%, to close at $5.03 per share on April 8, 2021, on unusually heavy trading volume.\n<\/p>\n<p>\nThroughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company\u2019s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the proceeds from Ebang\u2019s public offerings had been directed to an low yield, long term bonds to an underwriter and to related parties rather than used to develop the Company\u2019s operations; (2) that Ebang\u2019s sales were declining and the Company had inflated reported sales, including through the sale of defective units; (3) that Ebang\u2019s attempts to go public in Hong Kong had failed due to allegations of embezzling investor funds and inflated sales figures; (4) that Ebang\u2019s purported cryptocurrency exchange was merely the purchase of an out-of-the-box crypto exchange; and (5) that, as a result of the foregoing, Defendants\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.\n<\/p>\n<p>\nFollow us for updates on Twitter: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2FFRC_LAW&amp;esheet=52409081&amp;newsitemid=20210408005995&amp;lan=en-US&amp;anchor=twitter.com%2FFRC_LAW&amp;index=4&amp;md5=b48e7ccf23e24314a6eac7bf9850cb64\">twitter.com\/FRC_LAW<\/a>.\n<\/p>\n<p>\nIf you purchased Ebang securities during the Class Period, you may move the Court no later than <b>60 days from this notice <\/b>to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Ebang securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to <a rel=\"nofollow\" href=\"mailto:info@frankcruzlaw.com\">info@frankcruzlaw.com<\/a>, or visit our website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.frankcruzlaw.com&amp;esheet=52409081&amp;newsitemid=20210408005995&amp;lan=en-US&amp;anchor=www.frankcruzlaw.com&amp;index=5&amp;md5=85d647699ccafaf63d28d510698482ef\">www.frankcruzlaw.com<\/a>. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.\n<\/p>\n<p>\nThis press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210408005995r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210408005995\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210408005995\/en\/<\/a><\/span><\/p>\n<p>\nThe Law Offices of Frank R. Cruz, Los Angeles<br \/>\n<br \/>Frank R. Cruz, 310-914-5007<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:fcruz@frankcruzlaw.com\">fcruz@frankcruzlaw.com<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.frankcruzlaw.com&amp;esheet=52409081&amp;newsitemid=20210408005995&amp;lan=en-US&amp;anchor=www.frankcruzlaw.com&amp;index=6&amp;md5=f6c4637df1835d19b5280b1da4eb294a\">www.frankcruzlaw.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America California<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Legal Professional Services<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210408005995\/en\/765953\/3\/Close_Up_Logo_HD_Blue.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>EBON CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Ebang International Holdings, Inc. LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;The Law Offices of Frank R. Cruz announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York captioned Zaker v.Ebang International Holdings Inc., et al., (Case No. 1:21-cv-03060) on behalf of persons and entities that purchased or otherwise acquired Ebang International Holdings, Inc. (\u201cEbang\u201d or the \u201cCompany\u201d) (NASDAQ: EBON) securities between June 26, 2020 and April 5, 2021, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). Investors are hereby notified that they &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ebon-class-action-notice-the-law-offices-of-frank-r-cruz-files-securities-fraud-lawsuit-against-ebang-international-holdings-inc\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;EBON CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Ebang International Holdings, Inc.&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-474013","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EBON CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Ebang International Holdings, Inc. - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ebon-class-action-notice-the-law-offices-of-frank-r-cruz-files-securities-fraud-lawsuit-against-ebang-international-holdings-inc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EBON CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Ebang International Holdings, Inc. - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"EBON CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Ebang International Holdings, Inc. LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;The Law Offices of Frank R. Cruz announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York captioned Zaker v.Ebang International Holdings Inc., et al., (Case No. 1:21-cv-03060) on behalf of persons and entities that purchased or otherwise acquired Ebang International Holdings, Inc. (\u201cEbang\u201d or the \u201cCompany\u201d) (NASDAQ: EBON) securities between June 26, 2020 and April 5, 2021, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). Investors are hereby notified that they &hellip; Continue reading &quot;EBON CLASS ACTION NOTICE: The Law Offices of Frank R. 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Cruz announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York captioned Zaker v.Ebang International Holdings Inc., et al., (Case No. 1:21-cv-03060) on behalf of persons and entities that purchased or otherwise acquired Ebang International Holdings, Inc. (\u201cEbang\u201d or the \u201cCompany\u201d) (NASDAQ: EBON) securities between June 26, 2020 and April 5, 2021, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). Investors are hereby notified that they &hellip; Continue reading \"EBON CLASS ACTION NOTICE: The Law Offices of Frank R. 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