LOS ANGELES, CA / ACCESSWIRE / July 22, 2024 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Canaan Inc. ("Canaan" or "the Company") (NASDAQ:CAN) 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. Canaan issues a press release on August 18, 2023, announcing that, "to ensure legal compliance, the Company decided to temporarily shut down approximately 2.0 Exahash/s of its mining computing power in Kazakhstan since July 2023." The Company added, "The computing power shutdown consists of approximately 50% of the Company's total installed computing power in Central Asia and North America, which totaled 4.0 Exahash/s at the end of the first quarter of 2023." The release concluded, "the challenges outlined above are anticipated to substantially affect the Company's operational mining computing power starting in the third quarter of 2023." Based on this news, shares of Canaan fell by more than 12.3% on the same day.
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We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
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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CONTACT:
The Schall Law Firm
Brian Schall, Esq.
www.schallfirm.com
Office: 310-301-3335
[email protected]
SOURCE: The Schall Law Firm