Singularity Future Technology Lawsuit SGLY | Deadline February 7, 2023
Singularity Future Technology Class Action Lawsuit (SGLY Lawsuit)
A lawsuit has been filed against the Singularity Future Technology, (SGLY:NASDAQ) on December 9, 2022 at the court of the Eastern District of New York.
Investors who purchased or otherwise acquired SGLY common stock during the period from February 12, 2021 – November 17, 2022 can register their information before the deadline of February 7, 2023.
Is Singularity Future Technology Involved in a Securities Class Action Lawsuit?
Yes, a lawsuit has been filed against Singularity Future Technology on December 9, 2022, on behalf of shareholders during the period from February 12, 2021 – November 17, 2022.
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 behalf of the investors who purchased Singularity Future Technology (SGLY) securities between February 12, 2021 through November 17, 2022. 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.
How much did SGLY stock drop?
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 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.
Which Class Action Attorney Firm Can Help With The SGLY Lawsuit?
Levi & Korsinsky LLP is a Securities Class Action Law Firm. For over 20 years, 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.
Does It Cost Me To Join The SGLY Class Action?
No, there are no out of pocket costs for you to join Singularity Future Technology Lawsuit.
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.
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