February 26, 2021 - An amended consolidated complaint was filed.

June 28, 2020 - An investor in shares of Ideanomics, Inc. (NASDAQ: IDEX) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Ideanomics, Inc. in connection with certain allegedly false and misleading statements made between March 20, 2020 and June 25, 2020.

New York based Ideanomics, Inc. operates as a financial technology and asset digitization services company. Ideanomics, Inc. reported that its annual Total Revenue declined from $377.74 million in 2018 to $44.56 million in 2019, and that its Net Loss increased from $27.42 million in 2018 to $97.68 million in 2019.

On June 25, 2020, Hindenburg Research issued a series of tweets stating that Ideanomics “is an egregious & obvious fraud.” Hindenburg claimed that it found evidence that Ideanomics “doctored photos in its PR to suggest it owns/operates” a facility. Hindenburg further stated that it had an investigator who visited Ideanomics’ “supposed MEG sales center,” and that the “facility is actually operated by almost 100 sales groups,” that had never heard of Ideanomics.

Additionally, Hindenburg claimed that its investigator called five of Ideanomics’ purported electric vehicle customers, and that none were aware of Ideanomics, nor could they confirm doing business with Ideanomics.

Also on June 25, 2020, analyst J Capital Research issued a report on Ideanomics entitled “Champion of Promotes.” J Capital wrote, in part, that “Ideanomics . . . is a zero. The company changes its name and promotional story so frequently that it’s hard to keep up. One thing remains a constant, despite all the press releases, buzzwords and hype: shareholders get wiped out.” J Capital continued, in a tweet, that “[w]e called all the ‘buyers’ named in [Ideanomics’] press releases this month. Not a single one had made a purchase. One of them thanked us for alerting them to ‘fake news.’” Shares of Ideanomics, Inc. (NASDAQ: IDEX) declined from $3.98 per share on June 22, 2020 to as low as $1.20 per share on June 26, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Ideanomics, Inc. (NASDAQ: IDEX) common shares between March 20, 2020 and June 25, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between March 20, 2020 and June 25, 2020, the Defendants made false and/or misleading statements and/or failed to disclose that Ideanomics' MEG Center in Qingdao was not a one million square foot EV expo center , that the Company had been using doctored or altered photographs of the purported MEG Center in Qingdao, that the Company's electric vehicle business in China was not performing nearly as strong as Ideanomics had represented, and that as a result, the Company's public statements were materially false and misleading at all relevant times.