SHAREHOLDER ALERT: Kessler Topaz Meltzer & Check, LLP Announces Securities Fraud Class Action Lawsuit Filed Against Canaan Inc.

Radnor, Pennsylvania--(Newsfile Corp. - May 11, 2021) - The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors that a securities fraud class action lawsuit has been filed against Canaan Inc. (NASDAQ: CAN) ("Canaan") on behalf of those who purchased or acquired Canaan American Depositary Receipts ("ADRs") between February 10, 2021 and April 9, 2021, inclusive (the "Class Period").

Lead Plaintiff Deadline: June 14, 2021
Website: https://www.ktmc.com/canaan-inc-class-action-lawsuit?utm_source=PR&utm_medium=Link&utm_campaign=canaan
Contact: James Maro, Esq. (484) 270-1453
Adrienne Bell, Esq. (484) 270-1435
Toll free (844) 887-9500

Canaan designs, manufactures and sells bitcoin mining machines, primarily in the Peoples Republic of China.

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.

Canaan investors may, no later than June 14, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
info@ktmc.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/83609