SGLY:NASDAQ Class Action Lawsuit (Singularity Future Technology) was filed on December 9, 2022 on behalf of the shareholders.
On May 5, 2022, Hindenburg Research issued its Report about Singularity entitled “Singularity Future Technology: This Nasdaq-Listed Company’s CEO Is A Fugitive, On The Run For Allegedly Operating A Massive Ponzi Scheme”.
On this news, Singularity’s stock fell 40.63% to close at $4.80 per share on May 5, 2022 on unusually heavy trading volume, damaging investors. It fell further on May 6, 2022 13.21% to close at $4.24 per share.
The October 7, 2022 Form 8-K provided partial disclosure of issues with the Company’s internal controls by reporting a potential delisting by NASDAQ.
On this news, on October 7, 2022, Singularity’s stock fell 11.79% to close at $2.29 per share, damaging investors.
The November 16, 2022 Form 8-K disclosed governmental investigations of Singularity related to the claims raised by Hindenburg Research on May 5, 2022 and other related matters.
On this news, on November 16, 2022, Singularity’s stock fell 22.97% to close at $2.09 per share on unusually heavy trading volume, damaging investors. It fell further on November 17, 2022 84.96% to close at $1.13 per share.