LOS ANGELES–(BUSINESS WIRE)–$CAN #classaction—The Law Offices of Frank R. Cruz announces an investigation on behalf of Canaan Inc. (“Canaan” or the “Company”) (NASDAQ: CAN) investors concerning the Company and its officers’ possible violations of federal securities laws.
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In November 2019, Canaan completed its initial public offering (“IPO”), issuing 10 million American Depositary Shares (“ADSs”), at $9.00 per share.
On February 20, 2020, after market closed, Marcus Aurelius published a report entitled “Canaan Fodder” alleging, among other things, that Canaan was engaged in several undisclosed related-party transactions that lacked economic substance.
On this news, the Canaan’s share price dropped significantly in intraday trading. Since the IPO, Canaan’s stock has traded as low as $5.72 per share, significantly below the $9 offering price. Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Canaan securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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