Payoneer Global Inc. (PAYO)
Whether directors and officers of Payoneer Global Inc. (PAYO) breached their fiduciary duties to the company and its shareholders.
Investigation
04/15/2021
Initial Lawsuit
04/15/2021
Lawsuit Progression
12/09/2021
Investigation regarding Canaan’s supply chain disruptions, A12 series bitcoin mining machines sales cannibalizations and sales revenues during the fourth quarter of 2020.
04/12/2021
Canaan publishes its Q4 and fiscal year 2020 financial results disclosing a decrease in net revenues, total computing power sold. The company cited supply chain disruptions and shortage of mining machine chips ultimately causing lower product price.
“Total computing power sold was 0.2 million Thash/s, representing a year-over-year decrease of 93.1% from 2.9 million Thash/s in the same period of 2019 and a quarter-over-quarter decrease of 93.1% from 2.9 million Thash/s in the third quarter of 2020.
Total net revenues decreased to RMB38.2 million (US$5.9 million) from RMB463.2 million in the same period of 2019 and RMB163.0 million in the third quarter of 2020.”
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$13.14 | $18.67 | $-5.53 | -29.62% |
This is a securities class action on behalf of all purchasers of the American Depositary Receipts (“ADRs”) of Canaan between February 10, 2021 and April 9, 2021.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors:
(a) that Canaan had experienced significant ongoing supply chain disruptions during the 4Q20;
(b) that the introduction of Canaan’s next-generation A12 series bitcoin mining machines had cannibalized sales of the older product offerings during the 4Q20;
(c) that as a result of the foregoing, Canaan’s 4Q20 sales and sales revenues had declined dramatically; and
(d) that as a result of the foregoing Canaan was not on track to achieve the strong financial prospects it had led the market to believe.
12/09/2021
The court issued an order appointing the lead plaintiff and lead counsel.
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