Singularity Future Technology Ltd. f/k/a Sino-Global Shipping America Ltd. Class Action Lawsuit - SGLY
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The Singularity Future Technology class action lawsuit seeks to represent purchasers or acquirers of Singularity Future Technology Ltd. f/k/a Sino-Global Shipping America Ltd. (NASDAQ: SGLY) securities between February 12, 2021 and November 17, 2022, inclusive (the “Class Period”). Captioned Crivellaro v. Singularity Future Technology Ltd. f/k/a Sino-Global Shipping America Ltd., No. 22-cv-07499 (E.D.N.Y.), the Singularity Future Technology class action lawsuit charges Singularity Future Technology and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Singularity Future Technology class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Singularity Future Technology class action lawsuit must be filed with the court no later than February 7, 2023.
CASE ALLEGATIONS: Singularity Future Technology represented itself during the Class Period as a global logistics company that pivoted to develop a presence in the blockchain supply management area and distribute, sell, and market crypto mining equipment.
The Singularity Future Technology class action lawsuit alleges that throughout the Class Period defendants failed to disclose (i) the CEO’s true adverse background; (ii) related party transactions; and (iii) inadequate internal controls which resulted in U.S. Attorney’s Office for the Southern District of New York and U.S. Securities and Exchange Commission (“SEC”) investigations as well as a potential delisting by NASDAQ.
On May 5, 2022, Hindenburg Research issued 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 report disclosed that defendants made false and/or misleading statements and/or failed to disclose, among other things: (i) Singularity Future Technology’s CEO, President, and Executive Chairman, defendant Yang Jie’s true educational background, that he had an outstanding arrest warrant in China, committed forgery, and was the largest shareholder and Vice President of Finance, for a NASDAQ-listed lending company, China Commercial Credit (“CCC”), which failed after reporting massive losses; (ii) material related party transactions with SOS Information Technology New York Inc. and Rich Trading Co. Ltd USA; (iii) independent director John F. Levy’s long tenure as a director of CCC that failed amidst detailed allegations that Yang Jie misappropriated assets and; (iv) Singularity Future Technology lacked adequate internal controls and, as a result, had a heightened risk of scrutiny and ultimately was subject to U.S. Attorney’s Office for the Southern District of New York and SEC investigations and actions as well as a potential delisting by NASDAQ. On this news, Singularity Future Technology’s stock price fell by more than 40%, and then an additional 13.2% the following trading day.
Then, on October 7, 2022, Singularity Future Technology partially disclosed issues with its internal controls by reporting a potential delisting by NASDAQ. On this news, Singularity Future Technology’s stock price fell by nearly 12%.
Finally, on November 16, 2022, Singularity Future Technology revealed governmental investigations related to the claims raised by Hindenburg Research and other related matters. On this news, Singularity Future Technology’s stock price fell nearly 23%, and fell an additional 85% the following trading day, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Singularity Future Technology securities during the Class Period to seek appointment as lead plaintiff in the Singularity Future Technology class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Singularity Future Technology class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Singularity Future Technology class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Singularity Future Technology class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors in 2021 – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.