Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Ideanomics, Inc. (“Ideanomics”) common stock between March 20, 2020 and June 25, 2020, inclusive (the “Class Period”).
According to the initial complaint, on June 25, 2020, analyst Hindenburg Research ("Hindenburg") issued a series of tweets in which it called Ideanomics “an egregious & obvious fraud.” Hindenburg asserted that it found evidence that Ideanomics had doctored photos for use in its press releases to suggest that it owns or operates a vehicle sales center in Qingdao, China, when it in fact does not. That same day, analyst J Capital Research issued a report on Ideanomics entitled “Champion of Promotes.” J Capital Research wrote, in part, that “Ideanomics . . . is a zero. The company changes its name and promotional story so frequently that it’s hard to keep up. One thing remains a constant, despite all the press releases, buzzwords and hype: shareholders get wiped out.”
Current Status of Case:
On February 8, 2023, the Court denied Lead Plaintiff’s Motion to Amend the Complaint and dismissed the case. 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 info@ktmc.com. 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.