An investigation for investors in Canaan Inc. (NASDAQ:CAN) shares over potential securities laws violations by Canaan Inc. was announced.
San Diego, CA -- (SBWIRE) -- 09/14/2023 -- Canaan Inc. is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Canaan Inc. (NASDAQ: CAN), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Canaan Inc. (NASDAQ: CAN regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Singapore based Canaan Inc. engages in the research, design, and sale of integrated circuit (IC) final mining equipment products by integrating IC products for bitcoin mining and related components in the People's Republic of China.
On August 18, 2023, before market hours, Canaan Inc. 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."
Shares of Canaan Inc. (NASDAQ: CAN) declined to $1.85 per share on August 29, 2023.
Those who purchased shares of Canaan Inc. (NASDAQ: CAN) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.