Canaan, Inc. : American Depositary Shares Securities Litigation
On or around 06/11/2020 (Date of last review)
Filing Date: March 04, 2020
According to the Complaint, Canaan purports to provide supercomputing solutions through proprietary high-performance computing application-specific integrated circuits ("ASICs"), primarily for the purposes of Bitcoin mining.
The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the purported “strategic cooperation” was actually a transaction with a related party; (2) the Company’s financial health was worse than what was actually reported; (3) the Company had recently removed numerous distributors from its website just prior to the IPO, many of which were small or suspicious businesses; and (4) several of the Company’s largest Chinese clients in prior years were clients who were not in the Bitcoin mining industry and, thus, would likely not be repeat customers.
On June 2, 2020, the Court issued an Order appointing Lead Plaintiffs and Counsel.
Company & Securities Information
Defendant: Canaan, Inc.
Ticker Symbol: CAN
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
Phillippe Lemieux, et al. v. Canaan, Inc., et al.
COURT: D. Oregon
DOCKET #: 20-CV-00356
JUDGE: Hon. Michael W. Mosman
DATE FILED: 03/04/2020
CLASS PERIOD START: 11/20/2019
CLASS PERIOD END: 03/04/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Ransom, Gilbertson, Martin & Ratliff, LLP
The Rosen Law Firm, P.A. (NY)
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violations of the Federal Securities Laws
Order Appointing Lead Plaintiff, and Approving Lead Plaintiffs' Selection of Counsel
U.S. District Court Civil Docket
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available