NEW YORK, NY / ACCESSWIRE / June 4, 2021 / Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Canaan Inc. ("Canaan" or the "Company") (NASDAQ:CAN) from February 10, 2021, through April 9, 2021 (the "Class Period"). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.
If you purchased Canaan securities, and/or would like to discuss your legal rights and options please visit Canaan Shareholder Class Action Lawsuit or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or [email protected]
The complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose to investors: (1) Canaan had experienced significant ongoing supply chain disruptions during the 4Q20; (ii) that the introduction of Canaan's next-generation A12 series bitcoin mining machines had cannibalized sales of the older product offerings during the 4Q20; (iii) as a result of the foregoing, Canaan's 4Q20 sales and sales revenue had declined dramatically; and (iv) that as a result of the foregoing Canaan was not on track to achieve the strong financial prospects it had led the market to believe.
On Monday April 12, 2021, before the opening of trading, Canaan issued a press release disclosing its actual 4Q20 and FY20 financial results for the period ended December 31, 2020. On this news, the market price of Canaan ADRs collapsed from their close $18.67 per ADR on April 9, 2021 to close at $13.14 per ADR on April 12, 2021, a decline of nearly 30% on unusually high volume of approximately 60 million ADRs trading, or more than three times the average daily volume over the preceding ten trading days.
If you wish to serve as lead plaintiff, you must move the Court no later than June 14 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Canaan securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/canaaninc-can-shareholder-class-action-lawsuit-stock-fraud-391/apply/ or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or [email protected]
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
[email protected]
SOURCE: Bernstein Liebhard LLP