Investor Says Bitcoin Mining Co. Misused Offering Proceeds

Law360 (April 9, 2021, 5:53 PM EDT) -- A manufacturer of bitcoin mining machines misled investors about its use of proceeds from public stock offerings and inflated its sales reports by selling defective units, investors told a New York federal court.

The share price of Ebang International Holdings Inc. plummeted after allegations of misconduct surfaced in an investment research report, according to a complaint filed Thursday by shareholder Tommie Zaker in the Southern District of New York. Zaker is suing the company and two executives on behalf of a proposed class of investors.

"Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts...

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