Ebang International Holdings Inc. Securities Class Action

Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Ebang International Holdings, Inc. (“Ebang”) (NASDAQ: EBPN) Class A ordinary shares between June 26, 2020 and April 5, 2021, inclusive (the “Class Period”).

The Class Period commences on June 26, 2020, when Ebang filed its prospectus in connection with its initial public offering (the “IPO”).  On October 23, 2020, Ebang filed its registration statement on a Form F-1 for an offering of Class A ordinary shares and warrants to purchase Class A ordinary shares. It was subsequently amended on October 26, 2020, November 6, 2020, and November 16, 2020 before Ebang filed a related prospectus on a Form 424b4 on November 20, 2020.

The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the proceeds from Ebang’s public offerings had been directed to low yield, long term bonds to an underwriter and to related parties rather than used to develop Ebang’s operations; (2) Ebang’s sales were declining, and Ebang had inflated reported sales, including through the sale of defective units; (3) Ebang’s attempts to go public in Hong Kong had failed due to allegations of embezzling investor funds and inflated sales figures; (4) Ebang’s purported cryptocurrency exchange was merely the purchase of an out-of-the-box crypto exchange; and (5) as a result of the foregoing, Defendants’ positive statements about Ebang’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Current Status of Case:
On October 1, 2021, the Lead Plaintiff filed a Notice of Voluntary Dismissal. 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.