Ebang International hit with class action lawsuit over "misleading" statements and financials

Bitcoin mining machine manufacturer Ebang International has been sued for allegedly misleading investors about its financial and business activities. Plaintiff Konstantin Zeva filed a class action lawsuit in the U.S. District Court for the District of New Jersey on behalf of himself and others, seeking compensation from Ebang.
The plaintiff's lawsuit claims that Yibang committed fraud by using IPO funds for investment instead of business development, exaggerating sales figures, selling defective hardware, and falsely advertising its business development. Court documents show that "Throughout the period of the complaint, defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the company's business, operations, and prospects. As a result of defendants' wrongful acts and omissions, as well as the sharp decline in the company's stock market value, plaintiffs and other class members have suffered substantial losses and damages." (CoinDesk)