SAN FRANCISCO, January 8, 2021 / PRNewswire / – Hagens Berman is notifying investors of CBAK Energy Technology, Inc. (NASDAQ: CBAT) of an investigation into possible violations of the Securities Act. Certain losing investors may have valuable claims and are encouraged to file their losses now. The company also encourages those who may be able to assist with the investigation to contact the company.
Investigation by CBAK Energy Technology, Inc. (CBAT):
The investigation focuses on whether CBAK Energy has misled investors about battery technology and the company’s financial performance.
More precisely on December 18, 2020Market analyst J Capital Research published a scathing report entitled “The Undead: Why China BAK Has No Value”.
According to J Cap, “CBAT has all the hallmarks of a Chinese fraud.” JCAP notes, among other things, that “CBAT claims to be an EV company”.[a]In fact, AA batteries are made for small appliances. “and”[w]We contacted the car companies. CBAT claims to be big customers and they denied doing business with CBAT. “The report also concludes that CBAK Energy artificially inflates the balance sheet with fake construction accounts and increases 50% of its sales through fake sales.
“We’re focusing on investor losses and whether or not CBAK has cooked its books,” he said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you are a CBAK Energy investor or have information that may aid our investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Individuals with nonpublic information about CBAK Energy should review their options to help with the investigation or to take advantage of 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. Please call for more information Reed Kathrein at 844-916-0895 or by email [email protected].
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SOURCE Hagens Berman Sobol Shapiro LLP