Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in a Securities Class Action Against Canaan Inc.

NEW YORK, NY / ACCESSWIRE / June 4, 2021 / Bernstein Liebhard, a nationally recognized investor rights law firm, is reminding investors of the deadline to file a lead plaintiff motion in a securities class action filed on behalf of investors who have bought or acquired the securities of Canaan Inc. (“Canaan”) or the ” Corporate “) (NASDAQ: CAN) from February 10, 2021 to April 9, 2021 (the” Class Period “). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.

If you have purchased Canaan securities and / or would like to discuss your legal rights and options, please visit Canaan’s Class Action Action or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or Seidman @ bernlieb.com

The lawsuit alleges that, during the class action period, defendants made materially false and / or misleading statements and failed to disclose to investors: (1) Canaan experienced 20 significant persistent supply chain disruptions during the fourth quarter; (ii) that Canaan’s introduction of the next generation A12-series bitcoin mining machines had cannibalized sales of the older product offerings in the fourth quarter of 20; (iii) as a result of the foregoing, Canaan’s sales and revenues were dramatically reduced in Q4 20; and (iv) that as a result of the foregoing report, Canaan was not on track to achieve the good financial outlook that the market had led it to believe.

On Monday, April 12, 2021, prior to the start of trading, Canaan released a press release detailing the actual financial results for the 4th Quarter 20 and Fiscal Year 20 for the period ended December 31, 2020. As a result of this news, the market price of Canaan ADRs plunged from its closing price of $ 18.67 per ADR on April 9, 2021 to closing at $ 13.14 per ADR on April 12, 2021, a decline of nearly 30% on an unusual high trading volume of approx. 60 million ADRs or more than three times the average daily trading volume of the previous ten trading days.

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If you want to serve as the lead plaintiff, you must call the court by June 14, 2021 at the latest. A lead plaintiff is a representative party who acts on behalf of other class members in the conduct of the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you do nothing, you can remain an absent class member.

If you have purchased Canaan securities and / or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/canaaninc-can-shareholder-class-action-lawsuit-stock-fraud-391 / apply / or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or [email protected]

Since 1993, Bernstein Liebhard LLP has recovered over $ 3.5 billion for its clients. In addition to representing individual investors, the firm has been hired by some of the country’s largest public and private pension funds to oversee their assets and litigate on their behalf. As a result of its success in hundreds of lawsuits and class actions, the firm has been included on the National Law Journal’s “Plaintiffs’ Hot List” thirteen times and on The Legal 500 for ten consecutive years.

ADVERTISING LAWYER. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The attorney responsible for this complaint in the Connecticut state is Michael S. Bigin. Past results do not guarantee or predict a similar result with respect to future matters.

Contact information
Joseph R. Seidman Jr.
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
[email protected]

SOURCE: Bernstein Liebhard LLP

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