Ebang International Holdings, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to email@example.com.
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Portnoy Law Firm
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Analyst Hindenburg Research published a report on April 6, 2021, alleging the Chinese cryptocurrency company is directing proceeds from its IPO last year into a “series of opaque deals with insiders and questionable counterparties.”Ebang raised $21 million in November 2020, According to the report, stating that the proceeds would go “primarily for development,” and that $21 million was allegedly directed to repay related-party loans to a relative of the company’s Chairman/CEO Dong Hu. It was also noted in this report that Ebang’s earlier efforts to go public on the Hong Kong Stock Exchange failed as a result, to widespread media coverage of its relationship with Yindou, a Chinese peer-to-peer online lending scheme that defrauded 20,000 retail investors in 2018, with $655 million “vanish(ing) into thin air”. On April 6, 2021, share price fell $0.82, or approximately 13%, on this news, to close at $5.53 per share thereby injuring investors.