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SGLY ALERT: The Klein Law Firm Announces a Lead Plaintiff Deadline of February 7, 2023 in the Class Action Filed on Behalf of Singularity Future Technology Ltd. Shareholders
News provided byThe Klein Law Firm
Jan 24, 2023, 5:45 AM ET
NEW YORK, Jan. 24, 2023 /PRNewswire/ -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Singularity Future Technology Ltd. (NASDAQ: SGLY) alleging that the Company violated federal securities laws.
Class Period: February 12, 2021 to November 17, 2022
Lead Plaintiff Deadline: February 7, 2023
No obligation or cost to you.
Learn more about your recoverable losses in SGLY:
Singularity Future Technology Ltd. NEWS - SGLY NEWS
CLASS ACTION CASE DETAILS: The filed complaint alleges that Singularity Future Technology Ltd. made materially false and/or misleading statements and/or failed to disclose that: (1) the Company had misrepresented the true educational background of its former CEO, Yang Jie; 2) Yang Jie had an outstanding arrest warrant in China, had committed forgery, and was the largest shareholder and VP of Finance for a Nasdaq-listed lending company, China Commercial Credit ("CCC"), which failed after reporting massive losses; (3) there existed material related party transactions with SOS Information Technology New York Inc. (where Jie's wife was Vice President) and Rich Trading, whose CEO was defendant Lei Nie, the husband of Singularity CFO Tuo Pan; (4) Singularity director John Levy had been a director at CCC from January 2013 through December 2016 as CCC failed amidst detailed allegations that Jie, when he was an executive and shareholder in CCC, misappropriated assets; (5) the Company lacked adequate internal controls, and as a result had a heightened risk of scrutiny and was ultimately subject to a United States Attorney's Office for the Southern District of New York and SEC investigation and action as well as a potential delisting by NASDAQ; and (6) as a result, the Company's statements during the class period about the historical financial and operational metrics and purported market opportunities did not accurately reflect the actual business, operations, and financial results and trajectory of the Company, and were materially false and misleading and lacked a factual basis.
WHAT THIS MEANS TO YOU AS A SHAREHOLDER: If you have suffered a loss in Singularity you have until February 7, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you purchased Singularity securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the SGLY lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/singularity-loss-submission-form?id=35839&from=4.
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
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SOURCE The Klein Law Firm