The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the District of Oregon on behalf of investors who purchased Canaan, Inc. (NASDAQ: CAN), including its American Depository Shares, pursuant and/or traceable to the Company's registration statement and related prospectus issued in connection with the Company's November 20, 2019 initial public offering.
According to the Canaan lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the purported "strategic cooperation" was actually a transaction with a related party; (2) the company's financial health was worse than what was actually reported; (3) the company had recently removed numerous distributors from its website just prior to the initial public offering, many of which were small or suspicious businesses; and (4) several of the Company's largest Chinese clients in prior years were clients who were not in the Bitcoin mining industry and, thus, would likely not be repeat customers.
If you suffered a loss in Canaan you have until May 4, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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