NEW
YORK, Feb. 3, 2023 /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=36164&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