NEW YORK–(BUSINESS WIRE)–Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Ideanomics, Inc. (“Ideanomics” or the “Company”) (NASDAQ: IDEX) of the September 17, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Ideanomics stock or options between May 15, 2017 and November 13, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/IDEX. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Ideanomics securities between May 15, 2017 and November 13, 2018 (the “Class Period”). The case, Jose Pinto Claro Da Fonseca Miranda v. Ideanomics, Inc. F/K/A Seven Stars Cloud Group, Inc. F/K/A Wecast Network, Inc., No. 1:19-cv-06741 was filed on July 19, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and misleading statements regarding Ideanomics’ business, operational and compliance policies.
Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) costs associated with building out Ideanomics’ U.S. infrastructure and hiring its new executive team were negatively impacting the Company’s bottom line performance; (2) as a result, Ideanomics was highly unlikely to meet its 2018 EBITDA guidance; (3) Ideanomics’ margins in its oil trading and consumer electronics businesses were too low for those businesses to remain viable; and (4) as a result, Ideanomics’ public statements were materially false and misleading at all relevant times.
On this news, Ideanomics’s share price fell from $3.26 per share on November 13, 2019 to a closing price of $1.67 on November 14, 2015—a $1.59 or a 48.77% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Ideanomics’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330