SAN FRANCISCO, CA – (December 15, 2022) – National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP recommends that investors in Singularity Future Technology Ltd. f/k/a Sino-Global Shipping America Ltd. (“Singularity” or the “Company”) who suffered losses from purchasing or otherwise acquiring Singularity securities (NASDAQ: SGLY, formerly SINO) between February 12, 2021 and November 17, 2022 contact our attorneys immediately regarding pending securities fraud class action against Singularity. The deadline to apply to be a lead plaintiff is February 7, 2023.
Class Period: February 12, 2021 – November 17, 2022
Lead Plaintiff Motion Deadline: February 7, 2023
Case information: lieffcabraser.com/securities/singularity
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The action alleges that, throughout the Class Period, Singularity and certain of its senior executives failed to disclose: (1) that former Vice-President (“VP”) and later Chief Executive Officer, President, and Executive, defendant Yang Jie, had misrepresented his educational background, had an outstanding warrant for his arrest in China, had committed forgery, and was the largest shareholder and VP of Finance for China Commercial Credit (“CCC”), which had failed after posting major losses; (2) the Company engaged in material related party transactions; (3) a member of Singularity’s Board of Directors had served as a director of CCC; and (4) Singularity lacked adequate internal controls and was subject to a heightened risk of regulatory scrutiny and possible delisting by NASDAQ.
On May 5, 2022, financial research firm Hindenburg Research issued a report alleging that “Singularity’s CEO, Yang Jie, is a fugitive on the run from Chinese authorities for running an alleged $300 million Ponzi scheme that lured in over 20,000 victims” and “fled to the U.S. while at least 28 other individuals involved in the case were sentenced to prison terms ranging from 6 months to 15 years.” The report also stated that “Singularity’s massive [cryptocurrency] mining rig deal appears to be a brazen undisclosed related party deal” and that “[w]e see little evidence that Singularity’s ‘proprietary’ crypto mining rigs ever existed in the first place. The photos and descriptions of Singularity’s miners match precisely with another brand called KOI Miner.” On this news, the price of Singularity stock fell $1.95, or 40.63%, to close at $4.80 per share on May 5, 2022, on heavy trading volume.
On October 7, 2022, Singularity announced that it may be delisted by NASDAQ. On this news, the price of Singularity stock fell $0.27, or 11.79%, to close at $2.29 per share on October 7, 2022.
On November 16, 2022, Singularity revealed that it had received subpoenas from the U.S. Attorney’s Office of the Southern District of New York and the Securities and Exchange Commission in connection with the claims made in Hindenburg report. On this news, the price of Singularity’s stock fell $0.48, or 22.97%, to close at $2.09 per share on November 16, 2022, on heavy trading volume.
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