WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Canaan Inc. (NASDAQ: CAN) resulting from allegations that Canaan may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Canaan securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=18554 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action.
WHAT IS THIS ABOUT: On August 18, 2023, before market hours, Canaan issued a press release entitled “Canaan Inc. Provides Updates on Its Bitcoin Mining Operations”. The press release announced that “[t]o ensure legal compliance, the Company decided to temporarily shut down approximately 2.0 Exahash/s of its mining computing power in Kazakhstan since July 2023[.]” The press release further stated that “[t]he The computing power shutdown consists of approximately 50% of the Company's total installed computing power in Central Asia and North America, which totaled 4.0 Exahash/s at the end of the first quarter of 2023.”
Additionally, the press release announced that in connection with a failure to secure a settlement in mediation with a business partner “Canaan US intends to file an arbitration demand and proceed to arbitrate the parties’ dispute.”
Summarizing the issues, the press release stated that “[t]he challenges outlined above are anticipated to substantially affect the Company's operational mining computing power starting in the third quarter of 2023.”
On this news, Canaan’s American Depositary Shares (“ADSs”) fell 12% to close at $2.06 per ADR on August 18, 2023.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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