NEW YORK–(BUSINESS WIRE)–$CAN #classaction–The law firm of Kirby McInerney LLP is investigating potential claims against Canaan Inc. (“Canaan” or the “Company”) (NASDAQ: CAN). This investigation concerns whether Canaan has violated federal securities laws and/or engaged in other unlawful business practices.
In November 2019, Canaan completed its initial public offering (“IPO”), selling 10 million American Depositary Shares (“ADSs”) priced at $9.00 per ADS.
On February 20, 2020, an investment analyst publishing under the pseudonym Marcus Aurelius published a short report alleging that, among other things, Canaan was engaged in several undisclosed related-party transactions that lacked economic substance, including the sale of $150 million worth of equipment to a small Hong Kong company with an undisclosed relationship with a significant Canaan shareholder.
On this news, Canaan’s ADS price fell $0.39 per share, or 6.8%, to close at $5.32 per share on February 20, 2020. Since the IPO, Canaan’s ADSs have traded as low as $4.40 per share, representing a decline of more than 51% from the offering price.
If you acquired Canaan securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at [email protected], or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
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