| COMPANY |
Canaan Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
21-cv-03299 |
| JUDGE |
The Honorable John B. Cronan |
| CLASS PERIOD |
February 10, 2021 - April 9, 2021, |
| SECURITY TYPE |
American Depositary Shares |
Case Background:
This is a federal securities class action lawsuit brought on behalf of those who purchased or acquired Canaan Inc. (“Canaan”) American Depository Shares between February 10, 2021 and April 9, 2021.
The complaint alleges that, throughout the Class Period, the Defendants concealed from the investing public that: (1) Canaan had experienced significant ongoing supply chain disruptions during the fourth quarter 2020; (2) the introduction of Canaan’s next-generation A12 series bitcoin mining machines had cannibalized sales of the older product offerings during the fourth quarter 2020; (3) as a result of the foregoing, Canaan’s fourth quarter 2020 sales and sales revenues had declined dramatically; and (4) as a result of the foregoing, Canaan was not on track to achieve the strong financial prospects it had led the market to believe.
Current Status of Case:
On March 27, 2023, the Court granted Defendants’ Motion to Dismiss with leave to amend the complaint. Lead Plaintiff filed a letter on May 10, 2022, advising that they would not amend the complaint. On May 11, 2023, the Court directed the clerk to enter Judgment in favor of the Defendants with prejudice, and Judgment was entered closing the case. This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, ease click on the link "Submit Your Information" above and fill out the form as promptly as possible.