NEW YORK, May 10, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Singularity Future Technology Ltd. (“Singularity” or the “Company”) (NASDAQ: SGLY) on behalf of Singularity stockholders. Our investigation concerns whether Singularity has violated the federal securities laws and/or engaged in other unlawful business practices.
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On May 5, 2022, Hindenburg Research (“Hindenburg”) published a report entitled “Singularity Future Technology: This Nasdaq-Listed Company’s CEO Is a fugitive, on the Run for Allegedly Operating a Massive Ponzi Scheme.’ The Hindenburg report alleged, among other things, 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 Hindenburg report further alleged 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, Singularity’s stock price fell $1.95 per share, or 28.89%, to close at $4.80 per share on May 5, 2022.
If you purchased or otherwise acquired Singularity shares and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker or Alexandra Raymond by email at [email protected]bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.