On or around 01/17/2020 (Date of last review)
Filing Date: July 19, 2019
According to the Complaint, Ideanomics purports to operate as a fintech and asset digitization services company. From June 2017 until August 2018, the Company was known as Seven Stars Cloud Group, Inc. and announced the adoption of Ideanomics as its new business name on August 27, 2018. From October 2016 until June 2017, the Company was known as Wecast Network Inc.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors that: (i) costs associated with building out Ideanomics’ U.S. infrastructure and hiring its new executive team were negatively impacting the Company’s bottom line performance; (ii) as a result, Ideanomics was highly unlikely to meet its 2018 EBITDA guidance; (iii) Ideanomics’ margins in its oil trading and consumer electronics businesses were too low for those businesses to remain viable; and (iv) as a result, Ideanomics’ public statements were materially false and misleading at all relevant times.
On October 7, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on December 4.
Company & Securities Information
Defendant: Ideanomics, Inc.
Industry: Software & Programming
Headquarters: United States
Ticker Symbol: IDEX
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
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In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Maria Jose Pinto Claro Da Fonseca Miranda, et al. v. Ideanomics, Inc., et al.