NEW YORK,
Dec. 16,
2022 /PRNewswire/ -- Jakubowitz Law announces that a
securities fraud class action lawsuit has commenced on behalf of
shareholders of Singularity Future Technology Ltd. (NASDAQ:
SGLY).
To receive updates on the lawsuit, fill out
the
form:
https://claimyourloss.com/securities/singularity-class-action-submission-form/?id=34667&from=4
The lawsuit seeks to recover losses for
shareholders who purchased Singularity between February 12, 2021 and November 17, 2022.
Shareholders interested in acting as a lead
plaintiff representing the class of wronged shareholders have until
February 7, 2023 to petition
the court. Your ability to share in any recovery doesn't require
that you serve as a lead plaintiff.
According to a filed complaint, Singularity
Future Technology Ltd. issued materially false and/or misleading
statements and/or failed to disclose that: (1) the Company had
misrepresented the true educational background of its former CEO,
Yang Jie; 2) Yang Jie had an outstanding arrest warrant in
China, had committed forgery, and
was the largest shareholder and VP of Finance for a Nasdaq-listed
lending company, China Commercial Credit ("CCC"), which failed
after reporting massive losses; (3) there existed material related
party transactions with SOS Information Technology New York Inc.
(where Jie's wife was Vice President) and Rich Trading, whose CEO
was defendant Lei Nie, the husband of Singularity CFO Tuo Pan; (4) Singularity director John Levy had been a director at CCC from
January 2013 through December 2016 as CCC failed amidst detailed
allegations that Jie, when he was an executive and shareholder in
CCC, misappropriated assets; (5) the Company lacked adequate
internal controls, and as a result had a heightened risk of
scrutiny and was ultimately subject to a United States Attorney's Office for the
Southern District of New York and
SEC investigation and action as well as a potential delisting by
NASDAQ; and (6) as a result, the Company's statements during the
class period about the historical financial and operational metrics
and purported market opportunities did not accurately reflect the
actual business, operations, and financial results and trajectory
of the Company, and were materially false and misleading and lacked
a factual basis.
Jakubowitz Law is vigorous in pursuit of justice
for shareholders who have been the victim of securities fraud.
Attorney advertising. Prior results do not guarantee similar
outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law