The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Hebron Technology Co., Ltd. (NASDAQ: HEBT) investors that acquired shares between April 24, 2020 and June 3, 2020. Investors have until August 7, 2020 to seek an active role in this litigation.
Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.
Hebron Technology Co., Ltd. conducts equipment and engineering service operations focusing on the research, development and manufacture of fluid equipment including valves, pipe fittings and others. Since July 2019, the Company has also provided financial advisory service operations.
The lawsuit alleges that throughout the Class Period, the Company failed to disclose to investors: (1) that many of Hebron’s acquisitions, including Beijing Hengpu and Nami Holding (Cayman) Co., Ltd., involved undisclosed related parties; (2) that the Company’s disclosure controls regarding related party transactions was ineffective; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
On June 3, 2020, investment analyst firm Grizzly Research published a report, entitled “We Believe Hebron Technology Co., Ltd. (HEBT) is an Insider Enrichment Scheme without Economic Basis.” According to the report, the Company “is a stock manipulation scheme that engaged in undisclosed related party acquisitions and undisclosed private placement transactions that have artificially inflated the stock price.” On this news Hebron shares fell significantly in value.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 7, 2020
Hebron Technology Co., Ltd.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
8240 Beverly Blvd., Suite 9
Los Angeles, CA 90048
info@portnoylaw.com
