Canaan is facing a class action lawsuit alleging that the Company made materially false and/or misleading statements and/or failed to disclose that: they concealed that due to ongoing supply chain disruptions and the introduction of the Company’s next-generation A12 series bitcoin mining machines – which had cannibalized sales of the older product offerings – Canaan’s 4Q20 sales had declined more than 93% year-over-year compared to its fourth quarter fiscal year 2019 (“4Q19”) sales and more than 93% quarter-over-quarter compared to its third quarter FY20 (“3Q20”) sales.
If you incurred a loss on CAN stocks purchased between February 10, 2021 and April 9, 2021, this lawsuit is on your behalf. The lawsuit was filed in the the United States District Court for the Southern District of New York, and our firm is reaching out to investors to discuss their legal rights.
If you wish to act as a representative of the shareholders harmed by this misconduct, you may ask the court to appoint you as lead plaintiff. A lead plaintiff directs the litigation and participates in important decisions, including whether to accept a settlement for the class in the action.
You only have until June 14, 2021 to apply to be lead plaintiff. The court will then evaluate the applicants and choose a lead plaintiff. You are not required to act as a lead plaintiff in order to participate in any recovery.
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