
Payoneer Global Inc. (PAYO)
Whether directors and officers of Payoneer Global Inc. (PAYO) breached their fiduciary duties to the company and its shareholders.
Investigation
02/16/2021
Initial Lawsuit
02/17/2021
Lawsuit Progression
02/10/2022
This investigation follows a Chinese court order on Ehang asset freeze, allegations of fake related party transactions, and insider promotional campaign to artificially inflate investments.
Did Ehang mislead investors?
This post is open for investors to gather facts, and findings and track their exposure to related lawsuits. We invite investors and shareholders to contribute to this investigation for their own benefit, add events to the factual timeline below and vote on events’ pertinence.
A lawsuit was subsequently filed. We update this post regularly.
02/16/2021
Wolfpack Research published a report alleging that EHang is an “elaborate stock promotion whose sales are largely fabricated & based on sham sales contracts” with an investor acting as a customer (Twitter link). The report further alleges that EHang customer Kunxiang is “a sham” participating in EHang’s stock promotion because of an undisclosed $14 million pre-IPO investment in EHang. Wolfpack Research maintains a short position in EHang’s stock.
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$46.3 | $124.09 | $-77.79 | -62.69% |
An Ehang shareholder filed a securities class action on behalf of all investors who purchased or otherwise acquired Ehang Holdings Limited American depositary shares between December 12, 2019 and February 16, 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 that:
(i) the Company’s purported regulatory approvals in Europe and North American for its EH216 were for use as a drone, and not for carrying passengers;
(ii) its relationship with its purported primary customer is a sham;
(iii) EHang has only collected on a fraction of its reported sales since its ADS began trading on NASDAQ in December 2019;
(iv) the Company’s manufacturing facilities were practically empty and lacked evidence of advanced manufacturing equipment or employees; and
(v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
02/10/2022
The court issued an order appointing the lead plaintiff and lead counsel.
04/25/2022
The lead plaintiff filed a federal securities class action lawsuit on behalf of all investors who purchased or otherwise acquired Ehang Holdings Limited American depositary shares (ADS) between December 12, 2019, and February 16, 2021, inclusive.
Operative complaint
06/24/2022
A motion to dismiss was filed with the court.
Whether directors and officers of Payoneer Global Inc. (PAYO) breached their fiduciary duties to the company and its shareholders.
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