Canaan Inc. (CAN)

Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Canaan Inc. (“Canaan” or “the Company”) (NASDAQ: CAN). Investors who purchased Canaan securities are encouraged to obtain additional information and assist the investigation.

The investigation concerns whether Canaan has violated federal securities laws.

Investigation Details:

On August 18, 2023, Canaan issued a press release announcing 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, subsequently to the Rules for Licensing of Digital Mining Activities (the ‘Rules’) became effective in Kazakhstan.  Canaan stated that “[t]he Rules were released by The Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan to implement Law No. 193-VII on Digital Assets in the Republic of Kazakhstan (the ‘Law’), which came into effect in April and set a legal framework for governing the mining of cryptocurrency within the country. Under the Law and Rules, persons engaged in the mining of cryptocurrencies must first obtain a specialized license.”  The press release stated that the Company was “working actively” to secure the necessary licenses, the suspension of its activities in Kazakhstan “may adversely impact the Company’s bitcoin generation and revenue from its mining activities”.  On this news, Canaan’s stock price fell $0.29 per share, or 12.34%, to close at $2.06 per share on August 18, 2023.

What’s Next?

If you are aware of any facts relating to this investigation or purchased Canaan securities, you can assist this investigation. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660. 

Why Bronstein, Gewirtz & Grossman:

Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits.  Our firm has recovered hundreds of millions of dollars for investors nationwide. 

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Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | [email protected]