Securities class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Singularity Future Technology Ltd. f/k/a Sino-Global Shipping America Ltd. (“Singularity” or the “Company”) (NASDAQ: SGLY, formerly SINO) from February 12, 2021 through November 17, 2022, inclusive (the “Class Period”).
If you purchased or otherwise acquired Singularity securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than February 7, 2023. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Singularity investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff complete the form below, text or email email@example.com, or call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358.
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.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America,” and listed us as its “2020 California Plaintiff Firm of the Year.” Lieff Cabraser is committed to ensuring access to justice for all.