Hebron Technology Co., Ltd. Class Action Lawsuit
- Company Name
- Hebron Technology Co., Ltd.
- Stock Symbol
- Class Period
- April 24, 2020 to June 3, 2020
- Motion Deadline
- August 8, 2020
- Southern District of New York
The Hebron Technology Co., Ltd. class action lawsuit charges Hebron Technology and certain of its officers with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of Hebron Technology securities between April 24, 2020 and June 3, 2020 (the “Class Period”). The Hebron Technology class action lawsuit was commenced on June 9, 2020 in the Southern District of New York and is captioned Clynes v. Hebron Technology Co., Ltd., No. 20-cv-04420.
Hebron Technology conducts equipment and engineering service operations focused on the research, development, and manufacture of fluid equipment, including valves and pipe fittings.
The Hebron Technology class action lawsuit alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) many of Hebron Technology’s acquisitions, including Beijing Hengpu and Nami Holding (Cayman) Co., Ltd., involved undisclosed related parties; (2) Hebron Technology’s disclosure controls regarding related-party transactions were ineffective; and (3) as a result of the foregoing, defendants’ positive statements about Hebron Technology’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On June 3, 2020, Grizzly Research issued a report alleging Hebron Technology was an “insider enrichment scheme without economic basis,” citing questionable transactions, including an undisclosed related-party transaction for nearly $26 million. On this news, Hebron Technology’s share price fell nearly 37%. The stock continued its decline, falling another nearly 18% the next trading session.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Hebron Technology securities during the Class Period to seek appointment as lead plaintiff in the Hebron Technology class action lawsuit. A lead plaintiff will act on behalf of all other class members in directing the Hebron Technology class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Hebron Technology class action lawsuit. An investor’s ability to share in any potential future recovery of the Hebron Technology class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Hebron Technology class action lawsuit or have questions concerning your rights regarding the Hebron Technology class action lawsuit, please provide your information here or contact counsel, Michael Albert of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Hebron Technology class action lawsuit must be filed with the court no later than August 10, 2020.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.