Singularity Future Technology Lawsuit SGLY | Deadline February 7, 2023

Singularity Future Technology Class Action Lawsuit (SGLY Lawsuit)

A lawsuit has been filed in the Eastern District of New York against Singularity Future Technology Ltd., (SGLY:NASDAQ) because Jie’s true educational background, that he had an outstanding arrest warrant in China, committed forgery, and was the largest shareholder and VP of Finance for a Nasdaq-listed lending company, CCC, which failed after reporting massive losses.

SGLY stock fell 102.49%.

What is The Singularity Future Technology Lawsuit About?

The Singularity Future Technology Class Action Lawsuit (NASDAQ:SGLY) (Singularity Future Technology Class Action Lawsuit) was filed on December 9, 2022.

On May 5, 2022, Hindenburg Research issued its Report about Singularity entitled “Singularity Future Technology: This Nasdaq-Listed Company’s CEO Is A Fugitive, On The Run For Allegedly Operating A Massive Ponzi Scheme”.

On this news, Singularity’s stock fell 40.63% to close at $4.80 per share on May 5, 2022 on unusually heavy trading volume, damaging investors. It fell further on May 6, 2022 13.21% to close at $4.24 per share.

Is There A Singularity Future Technology Class Action Lawsuit?

SGLY:NASDAQ Class Action Lawsuit (Singularity Future Technology)  was filed on December 9, 2022 on behalf of the shareholders.

On May 5, 2022, Hindenburg Research issued its Report about Singularity entitled “Singularity Future Technology: This Nasdaq-Listed Company’s CEO Is A Fugitive, On The Run For Allegedly Operating A Massive Ponzi Scheme”.

On this news, Singularity’s stock fell 40.63% to close at $4.80 per share on May 5, 2022 on unusually heavy trading volume, damaging investors. It fell further on May 6, 2022 13.21% to close at $4.24 per share.

The October 7, 2022 Form 8-K provided partial disclosure of issues with the Company’s internal controls by reporting a potential delisting by NASDAQ.

On this news, on October 7, 2022, Singularity’s stock fell 11.79% to close at $2.29 per share, damaging investors.

The November 16, 2022 Form 8-K disclosed governmental investigations of Singularity related to the claims raised by Hindenburg Research on May 5, 2022 and other related matters.

On this news, on November 16, 2022, Singularity’s stock fell 22.97% to close at $2.09 per share on unusually heavy trading volume, damaging investors. It fell further on November 17, 2022 84.96% to close at $1.13 per share.

Is There A Deadline For The SGLY Lawsuit?

The deadline for Singularity Future Technology Class Action Lawsuit (NASDAQ:SGLY) (Singularity Future Technology) is February 7, 2023 for a Lead Plaintiff.

How Much Did Shareholders Lose In SGLY Stock?

Shareholders who held Singularity Future Technology’s ordinary share stock fell 40.63% to close at $4.80 per share on May 5, 2022 on unusually heavy trading volume, damaging investors. It fell further on May 6, 2022 13.21% to close at $4.24 per share.

Moreover, on October 7, 2022, Singularity’s stock fell 11.79% to close at $2.29 per share, damaging investors.

Additionally, on November 16, 2022, Singularity’s stock fell 22.97% to close at $2.09 per share on unusually heavy trading volume, damaging investors. It fell further on November 17, 2022 84.96% to close at $1.13 per share. 

What Is The Singularity Future Technology Lawsuit Complaint?

An SGLY class action lawsuit (Singularity Future Technology Class Action Lawsuit) has been filed on behalf of investors who purchased Singularity Future Technology Class Action Lawsuit (SGLY) securities between February  12, 2021 – November 17, 2022, inclusive. For more on the SGLY Lawsuit please contact us today.

According to the Singularity Future Technology lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:

(1) Jie’s true educational background, that he had an outstanding arrest warrant in China, committed forgery, and was the largest shareholder and VP of Finance for a Nasdaq-listed lending company, CCC, which failed after reporting massive losses;

(2) material related party transactions with SOS and Rich Trading;

(3) Director John Levy’s prior tenure from January 2013 through December 2016 as a director of CCC which failed amidst detailed allegations that Jie, when he was an executive and shareholder in CCC, misappropriated assets; and

(4) the Company lacked adequate internal controls and as a result had a heightened risk of scrutiny and ultimately was 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 as a result

(5) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you suffered a loss in SGLY, you have until February 7, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Why Levi & Korsinsky, LLP?

Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.

 

What Is The Lead Plaintiff Process?

THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired SGLY securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The SGLY class-action lawsuit is directed by the lead plaintiff. To litigate the Singularity Future Technology Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the Singularity Future Technology.

What Does SGLY Do?

Singularity Future Technology Ltd. develops solutions for interconnected AI networks in the revolutionized AI and Blockchain supply management area and establishes crypto mining pools.

The company also operates as logistics and ship management services company. It serves customers worldwide with its shipping logistics and agency needs.

The company was formerly known as Sino-Global Shipping America, Ltd. and changed its name to Singularity Future Technology Ltd. in January 2022. Singularity Future Technology Ltd. was founded in 2001 and is headquartered in Great Neck, New York.

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