LAWSUIT FILED: Canaan Inc. Sued for Violations of the Federal Securities Laws; Investors Should Contact Block & Leviton LLP

Boston, Massachusetts--(Newsfile Corp. - May 13, 2021) - Block & Leviton LLP announces that a lawsuit for violations of the federal securities laws has been filed against Canaan Inc. (NASDAQ: CAN) and certain of its executives. Investors who have lost money should contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/can. The deadline to move for appointment as lead plaintiff is June 14, 2021.

What is this all about?

Canaan is a Chinese bitcoin mining hardware manufacturer. After telling investors in February that it had "received a large number of pre-sale orders which [were] scheduled for delivery starting in the fourth quarter of 2020," its value jumped 90% in one week. But two months later, Canaan announced that fourth quarter 2020 sales declined over 93% year-over-year, contradicting the company's earlier statements. On this news, Canaan's shares plummeted approximately 30%, down from $18.67 to $13.14 in just one trading day.

Who is eligible?

Anyone who purchased Canaan shares between February 10, 2021 and April 9, 2021 and has now lost money may be eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more. The deadline to move the Court to be appointed lead plaintiff is June 14, 2021. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

What is Block & Leviton doing?

Block & Leviton is working to attempt to recover losses on behalf of investors who have lost money.

What should you do next?

If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at cases@blockleviton.com, or by phone at (617) 398-5600.

Why should you contact Block & Leviton?

Many law firms have issued releases about this matter; many of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email cases@blockleviton.com with any questions.

This notice may constitute attorney advertising.

CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/83940