San Diego, CA -- (SBWIRE) -- 03/17/2020 -- An investor, who purchased shares of Canaan Inc. (NASDAQ: CAN), filed a lawsuit over alleged violations of Federal Securities Laws by Canaan Inc. i in connection with the Company's initial public offering commenced on or about November 20, 2019.

Investors who purchased a shares of Canaan Inc. (NASDAQ: CAN) have certain options and for certain investors are short and strict deadlines running. Deadline: May 4, 2020. NASDAQ: CAN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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.

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.

Those who purchased shares of Canaan Inc. (NASDAQ: CAN) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.