An investigation for investors in Zhongchao Inc. (NASDAQ:ZCMD) shares over potential securities laws violations by Zhongchao Inc. was announced.
San Diego, CA -- (SBWIRE) -- 02/24/2021 -- Zhongchao Inc. is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Zhongchao Inc. (NASDAQ: ZCMD), 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 Zhongchao Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
China based Zhongchao Inc. provides healthcare information, education, and training services in China. Zhongchao Inc. reported that its annual Total Revenue rose from $12.86 million in 2018 to $14.88 million in 2019, and that its Net Income increased from $3.019 million in 2018 $4.047 million in 2019.
In February 2020, Zhongchao Inc. announced the pricing of its initial public offering. Zhongchao Inc. sold 3 million NASDAQ: ZCMD shares at $4.00 per share.
Since then shares of Zhongchao Inc. (NASDAQ: ZCMD) declined to as low as $1.59 per share on September 4, 2020.
Those who purchased shares of Zhongchao Inc. (NASDAQ: ZCMD) have certain options and should contact the Shareholders Foundation.
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