NEW YORK–(BUSINESS WIRE)–$SGLY #classaction–The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired Singularity Future Technology Ltd. (“Singularity” or “Company”) (NASDAQ: SGLY) securities between February 12, 2021 through November 17, 2022 (the “Class Period”). Investors have until February 7, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Singularity is a global logistics and ship management services company.
On May 5, 2022, Hindenburg Research issued its Report about Singularity entitled “Singularity Future Technology: This Nasdaq-Listed Company’s CEO Is A Fugitive, On The Run For Allegedly Operating A Massive Ponzi Scheme”. On this news, the price of Singularity shares declined by $1.95 per share, or approximately 40.63%, from $6.75 per share to close at $4.80 on May 5, 2022. The price of Singularity shares declined a further $0.56, or approximately 13.21%, from $4.80 per share to close at $4.24 on May 6, 2022.
On November 16, 2022, before market hours, Singularity disclosed that, “[t]he Company has received subpoenas from the United States Attorney’s Office for the Southern District of New York and the United States Securities and Exchange Commission. 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, the price of Singularity shares declined by $0.48 per share, or approximately 18.68%, from $2.57 per share to close at $2.09 on November 16, 2022.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s former CEO Yang Jie’s true educational background, that he had an outstanding arrest warrant in China, committed forgery, was the largest shareholder and Vice President of Finance, for a Nasdaq-listed lending company, China Commercial Credit (“CCC”), which failed after reporting massive losses; (2) material related party transactions with SOS Information Technology New York, Inc. and Rich Trading Co. Ltd USA; (3) independent director John Levy’s long tenure as a director of CCC; and (4) the Company lacked adequate internal controls and as a result had a heightened risk of scrutiny.
If you purchased or otherwise acquired Singularity securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at [email protected], or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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