Singularity Future Technology Ltd.
|Company Name||Singularity Future Technology Ltd.|
On May 5, 2022, Hindenburg Research published a report which alleged, among other things, that “Singularity’s CEO, Yang Jie, is a fugitive on the run from Chinese authorities for running an alleged $300 million Ponzi scheme that lured in over 20,000 victims” and “fled to the U.S. while at least 28 other individuals involved in the case were sentenced to prison terms ranging from 6 months to 15 years.” Furthermore, the report stated that ““Singularity’s massive [cryptocurrency] mining rig deal appears to be a brazen undisclosed related party deal” and that “[w]e see little evidence that Singularity’s ‘proprietary’ crypto mining rigs ever existed in the first place. The photos and descriptions of Singularity’s miners match precisely with another brand called KOI Miner.”
On this news, Singularity’s stock fell $1.95, or 28.9%, to close at $4.80 per share on May 5, 2022, thereby injuring investors.
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