Ideanomics Investors Sue Over 'Shifty' Biz, Stock Drops

Law360 (July 13, 2020, 10:05 PM EDT) -- Financial technology company Ideanomics was hit with a shareholder derivative suit filed in New York federal court Friday, alleging executives knew the company ran a "shifty business model" that resulted in stock prices dropping several times over a few years.

Shareholder Ali Toorani alleges Ideanomics' 15 executives hid from investors the company's actual finances, inflating its revenue and hiding losses as it jumped from product to product, industry to industry.

Executives said the company was integrating artificial intelligence and blockchain technology into its consumer electronics business and crude oil business, but in reality, it didn't and never intended to, the complaint...

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