Canaan Inc. Securities Fraud Class Action
Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or acquired Canaan Inc. (“Canaan”) (NASDAQ: CAN) American Depositary Receipts between February 10, 2021 and April 9, 2021, inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Canaan had experienced significant ongoing supply chain disruptions during the fourth quarter 2020; (2) the introduction of Canaan’s next-generation A12 series bitcoin mining machines had cannibalized sales of the older product offerings during the fourth quarter 2020; (3) as a result, Canaan’s fourth quarter 2020 sales and sales revenues had declined dramatically; and (4) as a result of the foregoing, Canaan was not on track to achieve the strong financial prospects it had led the market to believe.
Current Status of Case:
On March 27, 2023, the Court granted Defendants’ Motion to Dismiss. This action has concluded.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at [email protected]. If you would like additional information about the suit, please click on the link “Submit Your Information” above and fill out the form as promptly as possible.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs’ Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.