SAN FRANCISCO, March 5, 2021 /PRNewswire/ — Hagens Berman urges SOS Restricted (NYSE: SOS) traders to submit their losses now. The agency is investigating doable securities regulation violations and sure traders might have invaluable claims.
SOS Restricted (SOS) Investigation:
The investigation facilities on the accuracy of SOS’s claims regarding its cryptocurrency mining property and capabilities.
Up till not too long ago, SOS’s monetary outcomes have struggled and its inventory value has languished. However earlier this yr, 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 dwell. 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 pictures of crypto miners to create an phantasm of success. The analysts identified that the corporate’s SEC filings, as an example, listed a resort room because the agency’s headquarters. The analysts additionally questioned whether or not SOS had really 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 pictures SOS had printed of their “mining rigs” had been phony. Specifically, Culper famous that the photographed SOS “miners” weren’t the A10 Execs the corporate claimed to personal. As an alternative, they had been footage 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 centered on traders’ losses and whether or not SOS’ purported entry into crypto mining is solely a false promotion scheme,” stated Reed Kathrein, the Hagens Berman companion 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 concerning SOS ought to think about their choices to assist in the investigation or reap the benefits of the SEC Whistleblower program. Beneath the brand new program, whistleblowers who present authentic data might 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, staff 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