SAN FRANCISCO, March 5, 2021 /PRNewswire/ — Hagens Berman urges SOS Restricted (NYSE: SOS) traders to submit their losses now. The agency is investigating potential securities regulation violations and sure traders could have precious claims.
SOS Restricted (SOS) Investigation:
The investigation facilities on the accuracy of SOS’s claims regarding its cryptocurrency mining property and capabilities.
Up till lately, SOS’s monetary outcomes have struggled and its inventory worth has languished. However earlier this 12 months, SOS has attracted investor curiosity by releasing a wave of press releases touting its purported entry into the bitcoin mining enterprise. For instance, on Jan. 21, 2021, SOS claimed to have bought over 15,000 mining rigs for $20 M, and a month later, claimed that 5,000 mining rigs had already gone reside. SOS’s cryptocurrency promotion was well-received, as its shares skyrocketed 600%.
However on Feb. 26, 2021, Hindenburg Analysis and Culper Analysis launched scathing commentary on SOS, claiming that SOS was an intricate “pump and dump” scheme that used pretend addresses and doctored photographs of crypto miners to create an phantasm of success. The analysts identified that the corporate’s SEC filings, as an illustration, listed a resort room because the agency’s headquarters. The analysts additionally questioned whether or not SOS had truly bought the claimed mining rigs, because the agency SOS purportedly purchased the mining rigs from was a pretend shell firm. Most damaging, the analysts alleged that the photographs SOS had revealed of their “mining rigs” had been phony. Specifically, Culper famous that the photographed SOS “miners” weren’t the A10 Professionals the corporate claimed to personal. As an alternative, they had been photos of Avalon’s A1066 miners. Hindenburg went even additional and located the authentic photos from SOS’s web site belonged to a reputable rival RHY.
In response, the value of SOS American Depositary Shares has considerably fallen.
“We’re targeted on traders’ losses and whether or not SOS’ purported entry into crypto mining is just a false promotion scheme,” mentioned Reed Kathrein, the Hagens Berman associate main the investigation.
In case you are a SOS investor, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Individuals with personal data relating to SOS ought to take into account their choices to assist in the investigation or benefit from the SEC Whistleblower program. Underneath the brand new program, whistleblowers who present authentic data could obtain rewards totaling as much as 30 % of any profitable restoration made by the SEC. For extra data, name Reed Kathrein at 844-916-0895 or e mail [email protected].
About Hagens Berman
Hagens Berman is a nationwide regulation agency with eight workplaces in eight cities across the nation and over eighty attorneys. The agency represents traders, whistleblowers, employees and shoppers in complicated litigation. Extra in regards to the agency and its successes is situated at hbsslaw.com. For the newest information go to our newsroom or observe us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP