An investigation on behalf of current long term investors in Canaan Inc. (NASDAQ:CAN) shares over possible breaches of fiduciary duty by certain officers and directors was announced.
San Diego, CA -- (SBWIRE) -- 08/03/2021 -- Certain directors of Canaan Inc. are under investigation concerning potential breaches of fiduciary duties by certain directors and officers of Canaan Inc..
Investors who are current long term investors in Canaan Inc. (NASDAQ: CAN) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for investors in NASDAQ: CAN stocks follows a lawsuit filed against Canaan Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: CAN stocks, concerns whether certain Canaan Inc. directors are liable in connection with the allegations made in that lawsuit.
The plaintiff alleges that Canaan Inc issued between February 10, 2021 and April 9, 2021 Company's business metrics and financial prospects that were materially false and misleading in that they concealed that due to ongoing supply chain disruptions and the introduction of the Company's next-generation A12 series bitcoin mining machines – which had cannibalized sales of the older product offerings – Canaan's 4Q20 sales had declined more than 93% year-over-year compared to its fourth quarter fiscal year 2019 ("4Q19") sales and more than 93% quarter-over-quarter compared to its third quarter FY20 ("3Q20") sales and that as a result, Canaan's 4Q20 total net revenues had decreased to RMB38.2 million (US$5.9 million) from RMB463.2 million in 4Q19 and RMB163.0 million in 3Q20.
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.