HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Updates EBIX, EBON, GOEV Investors on Securities Fraud Lawsuits, Encourages Investors with Losses to Contact the Firm

0
31
Cassin & Cassin LLP Welcomes New Attorneys and Expands Client Service Offerings

SAN FRANCISCO, CA / ACCESSWIRE / April 16, 2021 / Hagens Berman updates investors in the following publicly traded companies and encourages investors who have suffered significant losses to reach out to the company. Please see the links provided for more details on the cases, including important upcoming deadlines.

EBIX Investors Click Here.

EBON investors click here.

GOEV investors click here.

Class Lawsuit Against Securities Fraud At Ebix, Inc. (NASDAQ: EBIX):

Teaching time: November 9, 2020 – February 19, 2021

Lead plaintiff deadline: April 23, 2021

Visit: www.hbsslaw.com/cases/EBIX

Contact an attorney now: [email protected]

844-916-0895

The complaint alleges that throughout the classroom, defendants misrepresented and concealed the following: (1) There was insufficient audit evidence to determine the business purpose of certain significant unusual transactions in Ebix’s Indian gift card business in Q4 2020. (2) that the company’s internal controls related to the transaction cycle of gifts or prepaid income showed a material weakness; and (3) that the Company’s independent auditor, RSM, was reasonably likely to resign due to a dispute with Ebix over $ 30 million in a mixed escrow account held by Ebix’s outside counsel.

Investors allegedly began learning the truth on February 19, 2021 when RSM abruptly resigned, stating that “despite repeated inquiries,” RSM was unable to obtain sufficient audit evidence to “serve the purpose of major unusual transactions in the fourth quarter assess “of 2020, including whether such transactions have been properly accounted for and recognized in the audit’s conclusion. “These” unusual transactions “were in the company’s gift card business in India.

In addition, RSM and Ebix reportedly disagreed on whether $ 30 million deposited in an escrow account held by Ebix’s external legal counsel should continue to be classified as cash on Ebix’s balance sheet, even though those funds were outside of direct ones Control of Ebix were.

The story goes on

In the news, the company’s stock price fell as much as $ 20.24, or 40%, in a single trading day.

Most recently, on March 8, 2021, Ebix announced that it has retained KG Somani & Co. as its new auditor, that it will not file its annual report until April 20, 2021, and that the Board of Directors has appointed advisors and outside legal advisors continue, “the To evaluate business with payment solutions “.

“We’re focusing on investor losses and proving that Ebix insiders have boiled the company’s books,” said Reed Kathrein, the Hagens Berman partner who led the investigation.

If you’ve invested in Ebix stock and have made significant losses or have knowledge that may aid the company’s investigation, click here to discuss your legal rights with Hagens Berman.

Class action lawsuit against securities of Ebang International Holdings (NASDAQ: EBON):

Classes: June 26, 2020 – April 5, 2021

Lead plaintiff deadline: June 7, 2021

Visit: www.hbsslaw.com/investor-fraud/EBON

Contact an attorney now: [email protected]

844-916-0895

The complaint focuses on the veracity of Ebang’s statements regarding the use of capital raised by investors and its claim to be a leading manufacturer of Bitcoin mining equipment.

In particular, over the past year, Ebang raised around $ 374 million from investors in public offerings and believed that these proceeds would be used to further expand our activities in cryptocurrency mining, exchange platforms, and general corporate purposes.

Those statements were challenged on April 6, 2021 when analyst Hindenburg Research released a scathing report titled “Ebang: Another Crypto ‘China Hustle’ Escaping with US Investor Money”.

According to Hindenburg, the company channeled much of the company’s money through a series of opaque deals with companies affiliated with Ebang’s chairman / CEO and his underwriter. In particular, Hindenburg concludes that the company has invested (1) $ 103 million in bond purchases related to its underwriter alleged fraud and (2) $ 21 million in a relative of its chairman / CEO which coincides with the increase in this amount from investors.

Hindenburg also concludes that Ebang is not a leading manufacturer of Bitcoin mining equipment, has only sold a dime compared to other major Chinese manufacturers, and is projected to drop those sales by 97% in fiscal 2020.

In response, the price of Ebang shares fell sharply.

“We are focusing on investor losses and whether Ebang has lied to investors about the actual business and the use of capital,” said Reed Kathrein, the Hagens Berman partner who led the investigation.

If you are an Ebang investor and have significant losses or have knowledge that may aid the company’s investigation, click here to discuss your legal rights with Hagens Berman.

Canoo Inc. (NASDAQ: GOEV) class action lawsuit against securities fraud:

Teaching time: August 18, 2020 – March 29, 2021

Lead plaintiff deadline: June 1, 2021

Visit: www.hbsslaw.com/investor-fraud/GOEV

Contact an attorney now: [email protected]

844-916-0895

The complaint alleges that Canoo misled investors before and after its IPO through a SPAC deal on December 21, 2020.

In particular, Defendants have repeatedly touted a three-pronged strategy for generating sales and growth: (i) an engineering services segment; (ii) the sale of vehicle subscriptions to consumers; and (iii) selling vehicles to other companies. Canoo also highlighted its agreements with established OEMs, including Hyundai, to jointly develop a future EV platform

In truth, the defendants concealed that Canoo (1) was less focused on its plan to sell vehicles to consumers through a subscription model. (2) would degrade the engineering services business; and (3) no longer had any partnerships with OEMs and were no longer involved in the previously announced partnership with Hyundai.

On March 29, 2021, the truth emerged when Canoo abruptly announced that its CFO would be replaced, that it would be downgrading its engineering services business, stop focusing on subscription sales to consumers, and attempting to use its own vehicles for commercial purposes manufacture and sell operators. In addition, during an interview with investors, Canoo’s chairman described the statements of management regarding the company’s partnerships as “aggressive” and “not our standard of representation in the public markets”.

In response to this news, analyst Roth Capital downgraded the company’s shares from buy to neutral buy and lowered its price target, and the price of Canoo shares plummeted.

“We are focusing on investor losses and proving that defendants have deliberately misrepresented the profitability of Canoo’s business model and business partnerships,” said Reed Kathrein, Hagens Berman partner who led the investigation.

If you are a Canoo investor and have significant losses or have knowledge that may aid the company’s investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblower: Individuals with nonpublic information about Ebix, Ebang, and / or Canoo should consider their options to help with the investigation or 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], [email protected] and / or [email protected]

About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities across the country and over eighty attorneys. The firm represents investors, whistleblowers, employees and consumers in complex legal disputes. More information about the company and its achievements can be found at hbsslaw.com. For the latest news, visit our newsroom or follow us on Twitter @classactionlaw.

Contact:
Reed Kathrein, 844-916-0895

SOURCE: Hagens Berman Sobol Shapiro LLP

View source version on accesswire.com:
https://www.accesswire.com/640833/HAGENS-BERMAN-NATIONAL-TRIAL-ATTORNEYS-Updates-EBIX-EBON-GOEV-Investors-on-Securities-Fraud-Lawsuits-Encourages-Investors-with-Losses-to- Contact-the-company