GlobeNewswire
SHAREHOLDER Alert: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment decision in SOS Limited of Course Motion Lawsuit and Forthcoming Deadline – SOS
NEW YORK, April 14, 2021 (Globe NEWSWIRE) — Pomerantz LLP announces that a course action lawsuit has been submitted versus SOS Confined (“SOS” or the “Company”) (NYSE: SOS), and particular of its officers. The class motion, filed in the United States (“U.S.”) District Court for the District of New Jersey, and docketed under 21-cv-07454, is on behalf of a class consisting of all individuals and entities other than Defendants that procured or otherwise acquired SOS American depository shares (“ADSs”) amongst July 22, 2020 and February 25, 2021, each dates inclusive (the “Class Period”), looking for to get well damages triggered by Defendants’ violations of the federal securities legal guidelines and to go after therapies beneath Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission (“SEC”), in opposition to the Business and selected of its best officials. If you are a shareholder who acquired SOS ADSs during the Class Period of time, you have right until May well 31, 2021 to talk to the Courtroom to appoint you as Direct Plaintiff for the class. A copy of the Grievance can be obtained at www.pomerantzlaw.com. To talk about this action, call Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-cost-free, Ext. 7980. All those who inquire by e-mail are inspired to include things like their mailing tackle, phone selection, and the variety of shares bought. [Click here for information about joining the class action] SOS is a technologies corporation that purportedly gives internet marketing info, technology, and remedies for emergency rescue solutions. When the Corporation went general public in April 2017, it was identified as “China Fast Finance Limited” and claimed to target on a peer-to-peer, micro-lending company. The Enterprise later on altered its identify to “SOS Limited” in July 2020 and marketed its peer-to-peer, micro-lending company in August 2020, rebranding itself into an crisis companies business. In January 2021, the Enterprise again shifted its organization concentration, this time to cryptocurrency mining. Vital to SOS’s purportedly prosperous changeover into a cryptocurrency mining business have been the Company’s promises to have entered into an settlement with HY Worldwide Group New York Inc. (“HY”), which calls by itself the “world’s greatest mining device matchmaker,” to get 15,645 mining rigs—i.e., personalized computing machines designed specially for cryptocurrency mining—for $20 million, and the Company’s strategies to invest in FXK Technologies Corporation (“FXK”), a purported Canadian cryptocurrency know-how agency. In addition to fast transforming its company target, SOS has also promptly improved the location of its headquarters. According to the Company’s SEC filings, the tackle of the Company’s principal govt offices has transformed no fewer than 5 times since the Enterprise went general public in April 2017. The complaint alleges that, throughout the Course Period of time, Defendants produced materially untrue and misleading statements pertaining to the Company’s company, functions, and compliance guidelines. Particularly, Defendants created fake and/or deceptive statements and/or failed to disclose that: (i) SOS had misrepresented the legitimate character, location, and/or existence of at least a person of the principal govt workplaces mentioned in its SEC filings (ii) HY and FXK were being possibly undisclosed connected functions and/or entities fabricated by the Firm (iii) the Company had misrepresented the sort and/or existence of the mining rigs that it claimed to have ordered and (iv) as a consequence, the Company’s public statements have been materially bogus and misleading at all suitable periods. On February 26, 2021, Hindenburg Analysis (“Hindenburg”) and Culper Research (“Culper”) released commentary on SOS, saying that the Enterprise was an intricate “pump and dump” scheme that utilized fake addresses and doctored photographs of crypto mining rigs to generate an illusion of success. The analysts famous, for case in point, that SOS’s SEC filings detailed a lodge room as the Company’s headquarters. The analysts also questioned regardless of whether SOS experienced truly purchased mining rigs that it claimed to individual, as the entity from which SOS purportedly bought the mining rigs appeared to be a faux shell firm. The analysts even more alleged that the pictures SOS had revealed of their purported “mining rigs” were being phony. Culper noted that photos of SOS’s “miners” did not depict the A10 Pro equipment that the Organization claimed to individual and rather appeared to exhibit distinctive units completely. Hindenburg, for its section, identified that the authentic images from SOS’s website in fact belonged to yet another corporation. On this news, SOS’s American depositary share (“ADS”) price fell $1.27 for each share, or 21.03%, to shut at $4.77 for every Ads on February 26, 2021. Soon after the end of the Course Time period, involving February 27 and March 3, 2021, Hindenburg subsequently supplied further data on SOS that more supported its earlier allegations, such as pics, highlighting, inter alia, how SOS experienced allegedly taken measures to conceal the misconduct famous in the February 26, 2021 corrective disclosures. The Pomerantz Agency, with places of work in New York, Chicago, Los Angeles, and Paris is acknowledged as 1 of the leading corporations in the parts of company, securities, and antitrust class litigation. Launched by the late Abraham L. Pomerantz, recognised as the dean of the course action bar, the Pomerantz Agency pioneered the industry of securities class actions. These days, extra than 80 a long time afterwards, the Pomerantz Company carries on in the custom he established, battling for the legal rights of the victims of securities fraud, breaches of fiduciary responsibility, and corporate misconduct. The Firm has recovered several multimillion-greenback damages awards on behalf of course customers. See www.pomerantzlaw.com Get hold of: Robert S. Willoughby Pomerantz LLP [email protected] 888-476-6529 ext. 7980
