More from WillyDave
Focus on your present and future not minding your past Life and growth is actually beautiful with the right friends around #minds
Late filers to lead Bitcoin mining-machine class action A federal judge in Manhattan on Thursday chose a Hong Kong couple to lead the securities-fraud lawsuit against Bitcoin mining machine manufacturer Canaan Inc even though they had filed the information to support their class leadership motion two weeks late. U.S. District Judge John Cronan said that Bill Lu and Liyang Huang were presumed to be the best choice for lead plaintiffs because they allegedly lost the most money – some $1.3 million dollars – when Canaan’s share prices fell 30 percent after the company released its fourth-quarter and fiscal 2020 results in April. Cronan also approved their attorney, Marion Passmore of Bragar Eagel & Squire, as lead counsel. Dr. Mahinderjit Singh, a New York psychiatrist who allegedly lost more than $550,000, argued that the information should have been filed with the motion to serve as lead plaintiff. Lu and Huang’s failure to do so “demonstrates their inadequacy” as lead plaintiffs, wrote Singh’s lawyer, Naumon Amjed of Kessler Topaz Meltzer & Check, quoting heavily from a decision by a federal court in Chicago. Cronan, though, said the Manhattan-based court has no rule against considering later-filed affidavits, and that Lu and Huang’s affidavits indicate that they are both professional business people with investment experience. #minds
More from WillyDave
Focus on your present and future not minding your past Life and growth is actually beautiful with the right friends around #minds
Late filers to lead Bitcoin mining-machine class action A federal judge in Manhattan on Thursday chose a Hong Kong couple to lead the securities-fraud lawsuit against Bitcoin mining machine manufacturer Canaan Inc even though they had filed the information to support their class leadership motion two weeks late. U.S. District Judge John Cronan said that Bill Lu and Liyang Huang were presumed to be the best choice for lead plaintiffs because they allegedly lost the most money – some $1.3 million dollars – when Canaan’s share prices fell 30 percent after the company released its fourth-quarter and fiscal 2020 results in April. Cronan also approved their attorney, Marion Passmore of Bragar Eagel & Squire, as lead counsel. Dr. Mahinderjit Singh, a New York psychiatrist who allegedly lost more than $550,000, argued that the information should have been filed with the motion to serve as lead plaintiff. Lu and Huang’s failure to do so “demonstrates their inadequacy” as lead plaintiffs, wrote Singh’s lawyer, Naumon Amjed of Kessler Topaz Meltzer & Check, quoting heavily from a decision by a federal court in Chicago. Cronan, though, said the Manhattan-based court has no rule against considering later-filed affidavits, and that Lu and Huang’s affidavits indicate that they are both professional business people with investment experience. #minds
