Singularity Future Technology Ltd. (SGLY)
Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Singularity Future Technology Ltd. f/k/a Sino-Global Shipping America Ltd. (“Singularity” or the “Company”) (NASDAQ: SGLY) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Singularity shares between February 12, 2021 and November 17, 2022, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933 (the “Securities Act”).
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose: (1) the Company’s former Chief Executive Officer (“CEO”) Yang Jie’s true educational background, that he had an outstanding arrest warrant in China, committed forgery, was the largest shareholder and Vice President of Finance, for a Nasdaq-listed lending company, China Commercial Credit (“CCC”), which failed after reporting massive losses; (2) material related party transactions with SOS Information Technology New York Inc. (“SOS”) (where Jie’s wife was Vice President) and Rich Trading Co. Ltd USA (“Rich Trading”); (3) independent director John Levy’s long tenure as a director of CCC; (4) the Company lacked adequate internal controls and as a result had a heightened risk of scrutiny and ultimately was subject to a United States Attorney’s Office for the Southern District of New York and SEC investigation and action as well as a potential delisting by NASDAQ; and as a result (5) the Company’s statements during the Class Period about the historical financial and operational metrics and purported market opportunities did not accurately reflect the actual business, operations, and financial results and trajectory of the Company, and were materially false and misleading, and lacked a factual basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. You can review a copy of the Complaint and sign the certification form or you may contact Peretz Bronstein, Esq. or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Singularity you have until February 7, 2023, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.