San Francisco, California – (Newsfile Corp. – July 2, 2020) – Hagens Berman urges investors from Ideanomics, Inc. (NASDAQ: IDEX) to submit their losses now. A class action lawsuit has been filed for security fraud and certain investors may have valuable claims.
Class time: March 20, 2020 – June 25, 2020
Deadline for major plaintiffs: August 27, 2020
Contact an attorney now: [email protected]
Ideanomics (IDEX) class action lawsuit:
The complaint alleges that throughout the teaching period, the defendant misrepresented and omitted facts regarding the development of the Ideanomics electric vehicle hub in Qingdao, China, the center of the Mobile Energy Group ("MEG"), and the strength of his Business overvalued with electric vehicles. According to the complaint, the defendants repeatedly praised their "one million square meter MEG center" while disguising the MEG center was not operational. The defendants also published new contracts for electric vehicles when these agreements were actually made.
Investors began knowing the truth on June 25, 2020, when two research companies accused the company of editing photos of the MEG center to make it operational, claiming that recently advertised electronic vehicle contracts were wrong.
On June 26, 2020, the company released a press release to "clarify" the status of its MEG center. In particular, the company said it would start three phases of its MEG center, which will eventually total one million square feet. The first phase occupies only "215,000 square feet", according to Ideanomics.
In response to this information, the Ideanomics share price has dropped over 50%.
"We focus on investor losses and demonstrate that Ideanomics has incorrectly promoted the condition of the MEG center and EV business," said Reed Kathrein, Hagens Berman partner who led the investigation.
If you bought Ideanomics shares and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Individuals with non-public information about Ideanomics should review their options to help with the investigation or to use the SEC Whistleblower Program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for every successful recovery from the SEC. For more information, call Reed Kathrein at 844-916-0895 or send an email to [email protected]
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About Hagens Berman
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The source version of this press release can be found at https://www.newsfilecorp.com/release/59056
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