Singularity Future Class Action Lawsuit SGLY | Deadline February 7, 2023
Great news! Singularity Future Class Action Lawsuit (Singularity Future Technology Ltd) has been filed on behalf of all investors who purchased Singularity (SGLY) securities between February 12, 2021, and November 17, 2022.
The SGLY lawsuit alleges that the defendants made false and/or deceptive representations and/or omitted to disclose the following throughout the Class Period:
(1) The Company had lied about Yang Jie, its former CEO,’s educational background;
(2) Yang Jie was the principal shareholder and vice president of finance for China Commercial Credit (“CCC”), a lending company listed on the Nasdaq that failed after reporting significant losses and for which Yang Jie had an outstanding arrest warrant in China;
(3) There were significant business dealings with SOS Information Technology New York Inc., where Jie’s wife served as vice president.
President) and Rich Trading, whose CEO was Lei Nie, a defendant who was wed to Tuo Pan, the CFO of Singularity;
(4) From January 2013 until December 2016, Singularity director John Levy served as a director of CCC, which had collapsed due to extensive claims that Jie had embezzled funds while serving as an executive and shareholder;
(5) The Company lacked proper internal controls, which put it at a higher risk of being scrutinized and ultimately led to an inquiry and subsequent action by the SEC and the United States Attorney’s Office for the Southern District of New York as well as a potential delisting by NASDAQ; and
(6) Due to this, the Company’s claims during the class period regarding historical financial and operational metrics and alleged market opportunities did not accurately reflect the Company’s actual business, operations, and financial results and trajectory. These claims were also materially false, misleading, and devoid of any basis in fact.
If you suffered a loss in SGLY you have until February 7, 2023, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Singularity Future Class Action Lawsuit (SGLY Lawsuit)
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