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Canaan Inc. (NASDAQ: CAN) Investor Securities Class Action Lawsuit 03/05/2020

  • If you purchased a shares of Canaan Inc. (NASDAQ: CAN), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Canaan Inc.
Security
NASDAQ: CAN

Case Name
Canaan Shareholder Class Action Lawsuit 03/05/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Summary

October 7, 2020 - A corrected amended complaint was filed.

October 5, 2020 - An amended complaint was filed.

August 31, 2020 - The case was transferred to U.S. District Court for the Southern District of New York.

March 4, 2020 - An investor in shares of Canaan Inc. (NASDAQ: CAN) filed a lawsuit in the U.S. District Court for the District of Oregon over alleged violations of Federal Securities Laws by Canaan Inc. in connection with certain allegedly false and misleading statements made in connection with the Company’s initial public offering commenced on or about November 20, 2019.

China based Canaan Inc. engages in the research, design, and sale of integrated circuit (IC) final system products by integrating IC products for bitcoin mining and related components primarily in the People's Republic of China. Canaan Inc. reported that its annual Total Revenue rose from over $1.3 billion in 2017 to over $2.7 billion in 2018. In November 2019, Canaan Inc. (NASDAQ: CAN) completed its initial public offering ( IPO ), issuing 10 million American Depositary Shares ( ADSs ), at $9.00 per share.

Since the IPO, Canaan’s stock has traded as low as $4.31 per share on February 11, 2020.

According to the complaint the plaintiff alleges on behalf of investors of Canaan Inc. (NASDAQ: CAN) common shares who purchased securities of Canaan Inc. (NASDAQ: CAN) pursuant and/or traceable to the Company’s initial public offering commenced on or about November 20, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the defendants made false and/or misleading statements and/or failed to disclose that the purported “strategic cooperation” was actually a transaction with a related party, that the company’s financial health was worse than what was actually reported, that the company had recently removed numerous distributors from its website just prior to the IPO, many of which were small or suspicious businesses, and that several of the Company’s largest Chinese clients in prior years were clients who were not in the Bitcoin mining industry and, thus, would likely not be repeat customers.