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Singularity Future Technology Ltd. Class Action

DATE: December 12, 2022

PHILADELPHIA, PA December 12, 2022Berger Montague advises investors that a securities fraud class action lawsuit has been filed against Singularity Future Technology Ltd. (NASDAQ: SGLY) f/k/a Sino-Global Shipping America Ltd. (NASDAQ: SINO) (“Singularity”) on behalf of those who purchased Singularity securities between February 12, 2021 and November 17, 2022, inclusive (the “Class Period”).

Investor Deadline:  Investors who purchased or acquired Singularity securities during the Class Period may, no later than February 7, 2023, seek to be appointed as a lead plaintiff representative of the class.  For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (215) 875-3093, or Andrew Abramowitz at [email protected] or (215) 875-3015 or visit: https://investigations.bergermontague.com/singularity-future-technology-ltd/  

Singularity represented itself during the Class Period as global logistics company that pivoted to develop a presence in the blockchain supply management area and distribute, sell and market crypto mining equipment.

On May 5, 2022, Hindenburg Research issued a report about Singularity entitled “Singularity Future Technology: This Nasdaq-Listed Company’s CEO Is A Fugitive, On The Run For Allegedly Operating A Massive Ponzi Scheme.” Then, on October 7, 2022, Singularity filed with the SEC its Form 8-K that disclosed issues with the company’s internal controls by reporting a potential delisting by NASDAQ.  Finally, on November 16, 2022, Singularity filed with the SEC its Form 8-K that disclosed governmental investigations of Singularity related to the claims raised by Hindenburg Research on May 5, 2022 and other related matters.

The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose, among other things: (1) CEO, Yang Jie’s true educational background, that he had an outstanding arrest warrant in China, committed forgery, and was the largest shareholder and VP of Finance for a Nasdaq-listed lending company, China Commercial Credit (“CCC”), which failed after reporting massive losses; (2) material related party transactions with SOS Information Technology New York Inc. and Rich Trading Co. Ltd USA; (3) Director John Levy’s prior tenure from January 2013 through December 2016 as a director of CCC which failed amidst detailed allegations that Jie, when he was an executive and shareholder in CCC, misappropriated assets; and (4) Singularity lacked adequate internal controls and as a result had a heightened risk of scrutiny and ultimately was subject to a United States Attorney’s Office for the Southern District of New York and SEC investigation and action as well as a potential delisting by NASDAQ.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.

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