NEW YORK, Dec. 12, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating potential claims on behalf of investors of Singularity Future Technology Ltd ("Singularity” or the "Company") (NASDAQ: SGLY).
If you purchased Singularity securities and would like to discuss our investigation, please contact us by emailing jcampisi@kaplanfox.com, by calling (212) 329-8571, or click here to contact.
On May 5, 2022, Hindenburg Research (Hindenburg) published a report alleging that Singularity is “an extremely obvious total scam, with little to no actual business operations.” The Hindenburg report also alleges, among other things, that Singularity’s CEO, Yang Jie, is a fugitive on the run from Chinese authorities for running an alleged $300 million Ponzi scheme that lured in over 20,000 victims and that Singularity’s massive cryptocurrency mining rig deal appears to be a brazen undisclosed related party deal.
On this news, Singularity’s stock price fell $1.95 per share, or nearly 29%, to close at $4.80 per share on May 5, 2022.
On November 16, 2022, the Company disclosed that it “has received subpoenas from the United States Attorney’s Office for the Southern District of New York and the United States Securities and Exchange Commission. The Company is complying with these subpoenas and fully cooperating with these governmental entities. Additionally, the special Committee of the Company’s Board of Directors is continuing to investigate the claims raised by Hindenburg Research on May 5, 2022 and other related matters. The special committee anticipates that the fact-finding portion of investigation will be completed on or before December 31, 2022.”
On this news, the price of Singularity shares declined from an opening price on November 16, 2022 of $2.52 per share, to close at $2.09 per share, a decline of $0.43 per share, or over 17%. On November 17, 2022, shares declined an additional $0.96 per share, or by 45%, to close at $1.13 per share, for a total decline of $1.39 per share or by over 55% over two trading days.
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Kaplan Fox & Kilsheimer LLP, with offices in New York, Oakland, Los Angeles, Chicago and New Jersey, has decades of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
Ph: (212) 329-8571
E-mail: jcampisi@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
Ph: (415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
