Singularity Future Technology Sued for Securities Law Violations; Investors Should Contact Block & Leviton for More Information

Boston, Massachusetts--(Newsfile Corp. - December 19, 2022) - Block & Leviton announces that a class action lawsuit has been filed against Singularity Future Technology Ltd. (NASDAQ: SGLY) for securities law violations. Investors who purchased shares and have lost money are encouraged to contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/sgly.

What is this all about?

After the market closed on August 12, 2022, Singularity Future Technology Ltd. disclosed that CEO Yang Jie tendered his resignation earlier in the week after being suspended by the company's Board of Directors. The Board suspended Jie on the recommendation of a special committee formed to investigate allegations raised in a Hindenburg Research report issued May 5, 2022. The Hindenburg report alleged that Jie was a fugitive on the run from Chinese authorities for running a $300 milion ponzi scheme before he fled to the US while others involved were sentenced to prison terms in China.

On April 11, 2022, Singularity Future Technology issued a press release announcing a $250 million joint venture agreement with an entity called Golden Mainland Inc. to scale bitcoin mining operations. The May 5^th Hindenburg report stated about the agreement, "[w]e also found no evidence that Golden Mainland has a headquarters or any employees aside from its founder, who used a Gmail address on the SEC filing detailing the supposed $250 million deal. We believe Golden Mainland is a blatant fabrication."

Shares of Singularity Future Technology Ltd. fell 44% on April 11, 2022, the same day the joint venture with Golden Mainland was announced. Then on May 5, 2022, shares dropped more than 25% following the release of the Hindenburg report.

Who is eligible?

Anyone who purchased Singularity Future Technology Ltd. stock between February 12, 2021 and November 17, 2022, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.

What should you do next?

The deadline to seek appointment as lead plaintiff is February 7, 2023. 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.

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; most 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/148705