Ideanomics News: Berger Montague Updates Investors on Its Investigation Into Alleged Securities Fraud Claims Against Ideanomics, Inc. (NASDAQ: IDEX); Lead Plaintiff Deadline is August 27, 2020
PHILADELPHIA, July 21, 2020 – Berger Montague is continuing its investigation into potential securities fraud claims against Ideanomics, Inc. (“Ideanomics” or the “Company”) on behalf of investors who purchased Ideanomics securities (NASDAQ: IDEX) between March 20, 2020 and June 25, 2020 (the “Class Period”). Following an accusation by Hindenburg Research that, among many other things, the Company had falsely represented its new facility in Qingdao, China as a “one million square foot EV expo center,” Ideanomics appears to have walked back that statement.
If you purchased Ideanomics securities during the Class Period, have questions concerning your rights or interests, or would like to discuss Berger Montague’s investigation, please contact attorneys Michael Dell’Angelo at (215) 875-3080 or Andrew Abramowitz at (215) 875-3015, or contact us at www.bergermontague.com/ideanomics-update.
According to the lawsuit, the Company and its senior management misled investors by failing to disclose that:
- Ideanomics’ MEG Center in Qingdao was not “a one million square foot EV expo center”;
- The Company had been using doctored photographs of the purported MEG Center; and
- The Company’s electric vehicle business in China was not performing nearly as well as Defendants had represented.
On June 25, 2020, analyst Hindenburg Research issued a series of tweets in which it characterized Ideanomics as “an egregious & obvious fraud,” and claimed to have found evidence that the Company had doctored photos for use in press releases in order to falsely suggest that it owns and operates a vehicle sales center in Qingdao. That same day, another analyst, J Capital Research, issued a report that accused the Company of essentially being a promotional scheme and inventing phony buyers. The report concluded that “Ideanomics . . . is a zero.” On this news, Ideanomics’ stock price fell $0.65 per share, or 21.04%, to close at $2.44 per share on June 25, 2020.
If you purchased Ideanomics shares during the Class Period, you may seek Court appointment as lead plaintiff to represent other injured investors in a class action. The lead plaintiff appointment deadline is August 27, 2020. You do not need to be a lead plaintiff to share in any potential Class recovery.
Whistleblowers: Persons with non-public information regarding Ideanomics, Inc. are encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for five decades and serves as lead counsel in courts throughout the United States.