The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Canaan, Inc. (NASDAQ: CAN) who purchased or otherwise acquired publicly traded securities of Canaan, including its American Depository Shares pursuant and/or traceable to the Company's registration statement and related prospectus issued in connection with the Company's November 20, 2019 initial public offering. The action, which was filed in the United States District Court for the District of Oregon, alleges that the Company violated federal securities laws.
In particular, the Canaan lawsuit alleges that (1) the purported "strategic cooperation" was actually a transaction with a related party; (2) the company's financial health was worse than what was actually reported; (3) the company had recently removed numerous distributors from its website just prior to the initial public offering, many of which were small or suspicious businesses; and (4) several of the Company's largest Chinese clients in prior years were clients who were not in the Bitcoin mining industry and, thus, would likely not be repeat customers.
Shareholders have until May 4, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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