NEW YORK, NY / ACCESSWIRE / December 21, 2022 / Pomerantz LLP is investigating claims on behalf of investors of Singularity Future Technology Ltd. f/k/a Sino-Global Shipping America Ltd. ("Singularity" or the "Company") (NASDAQ:SGLY). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Singularity and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 5, 2022, Hindenburg Research ("Hindenburg") published a 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." The Hindenburg report alleged, among other things, that "Singularity's CEO, Yang Jie, is a fugitive on the run from Chinese authorities for running an alleged $300 million Ponzi scheme that lured in over 20,000 victims" and "fled to the U.S. while at least 28 other individuals involved in the case were sentenced to prison terms ranging from 6 months to 15 years." The Hindenburg report further alleged that "Singularity's massive [cryptocurrency] mining rig deal appears to be a brazen undisclosed related party deal" and that "[w]e see little evidence that Singularity's ‘proprietary' crypto mining rigs ever existed in the first place. The photos and descriptions of Singularity's miners match precisely with another brand called KOI Miner."
On this news, Singularity's stock price fell $1.95 per share, or 28.89%, to close at $4.80 per share on May 5, 2022.
Then, on October 7, 2022, post-market, Singularity issued a press release "announc[ing] . . . that on October 3, 2022, it received a notice (the ‘Notice') from the Listing Qualifications Department of The Nasdaq Stock Market LLC (‘Nasdaq') advising that the Company's securities would be subject to delisting unless the Company timely requests a hearing before a Nasdaq Hearings Panel (the ‘Panel'). Accordingly, the Company intends to timely request a hearing before the Panel. The hearing request will stay any delisting or suspension action through October 25, 2022. Pursuant to the Nasdaq Listing Rules, in connection with the hearing request, the Company will request that the automatic stay be extended through the conclusion of the hearings process and the expiration of any additional extension period granted by the Panel following the hearing."
On this news, Singularity's stock price fell $0.27 per share, or 11.79%, to close at $2.29 per share on October 10, 2022.
Finally, on November 16, 2022, Singularity disclosed that the "[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" related to the allegations in the Hindenburg report.
On this news, Singularity's stock price fell $0.48 per share, or 22.97%, to close at $2.09 per share on November 16, 2022.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles London, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP