NEW YORK, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Canaan Inc. (“Canaan” or the “Company”) (NASDAQ: CAN). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Canaan and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 18, 2023, Canaan issued a press release announcing that “[t]o ensure legal compliance, the Company decided to temporarily shut down approximately 2.0 Exahash/s of its mining computing power in Kazakhstan since July 2023, subsequently to the Rules for Licensing of Digital Mining Activities (the ‘Rules’) became effective in Kazakhstan.” Canaan stated that “[t]he Rules were released by The Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan to implement Law No. 193-VII on Digital Assets in the Republic of Kazakhstan (the ‘Law’), which came into effect in April and set a legal framework for governing the mining of cryptocurrency within the country. Under the Law and Rules, persons engaged in the mining of cryptocurrencies must first obtain a specialized license.” The press release stated that the Company was “working actively” to secure the necessary licenses, the suspension of its activities in Kazakhstan “may adversely impact the Company’s bitcoin generation and revenue from its mining activities”.
On this news, Canaan’s stock price fell $0.29 per share, or 12.34%, to close at $2.06 per share on August 18, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
