LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Singularity Future Technology Ltd. (“Singularity” or “the Company”) (NASDAQ: SGLY) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Singularity announced on August 12, 2022, that CEO Yang Jie had resigned from the Company after being suspended by its Board of Directors. The suspension was based on the recommendation of a special committee that was formed to investigate allegations raised by Hindenburg Research in a May 2022 report. Hindenburg alleged that Jie had run a ponzi scheme in China before fleeing to the United States. The research report also made allegations about the Company’s recent bitcoin mining deal with Golden Mainland Inc., stating “we also found no evidence that Golden Mainland has a headquarters or any employees aside from its founder, who used a Gmail address on the SEC filing detailing the supposed $250 million deal. We believe Golden Mainland is a blatant fabrication.”
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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