SAN FRANCISCO, April 06, 2021 (GLOBE NEWSWIRE) – Hagens Berman urges SOS Limited (NYSE: SOS) Investors to file their losses now.
School lesson: July 22, 2020 – February 25, 2021
Deadline of the main plaintiff: June 1, 2021
Contact an attorney now: [email protected]
SOS Limited (SOS) class action lawsuit against securities fraud:
The complaint focuses on SOS’s alleged recent entry into the Bitcoin mining business. For example, on January 21, 2021, SOS said it had purchased over 15,000 mining equipment from HY International Group New York (“HY”) for $ 20 million, and a month later, 5,000 mines had already been up and running.
The complaint alleges that SOS is in truth a fraudulent stock promotion program that concealed transactions with related parties and misrepresents the nature and / or existence of bitcoin mining rigs that SOS allegedly bought earlier this year Has.
Investors allegedly began to learn the truth on February 26, 2021 when Hindenburg Research and Culper Research released a scathing comment on SOS claiming that SOS was a complicated “pump and dump” scheme that involved spoofing and manipulating addresses Photos created by Crypto Miner were an illusion of success. The analysts pointed out that the company’s SEC filings listed, for example, a hotel room as the company’s headquarters. The analysts also questioned whether SOS actually bought the claimed mining equipment as HY appears to be a fake shell company. Most damaging of all, the analysts claimed that the photos SOS posted of their “mining rigs” were false. Culper noted that the SOS miners photographed were not the A10 pros the company allegedly owned. Instead, they were pictures of Avalon’s A1066 miners. Hindenburg also noted that SOS’s original images belonged to a legitimate rival, RHY.
After class time, on March 9, 2021, SOS admitted that the rig seller HY was established to maintain the “confidentiality” of a Chinese seller of used Mining facilities.
Then on March 12, 2021 Culper published a follow-up report, The allegation that SOS board member Wenbin Wu is directly linked to HY and the allegation that SOS’s alleged desire for “confidentiality” is actually a thinly veiled excuse for fraud over an undisclosed related party transaction.
“We’re focusing on investor losses and proving that SOS is a bogus publicity measure,” said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you are an SOS investor, click here to discuss your legal rights with Hagens Berman.
Whistleblower: Individuals with non-public information about SOS should review their options to help with the investigation or to use the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. Further information is available from Reed Kathrein at 844-916-0895 or send an email to [email protected]
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Reed Kathrein, 844-916-0895