CANAAN INC. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action has been filed in the United States District Court for the District of Oregon against Canaan Inc.

NEW YORK, March 10, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP  announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of Oregon on behalf of purchasers of  the  American Depositary Receipts ("ADR's") of Canaan Inc. (NASDAQ: CAN) pursuant and/or traceable to the Company's initial public offering ("IPO") commenced on or about November 20, 2019.

All investors who purchased American Depositary Receipts of Canaan Inc. and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information and join the action on our website, www.whafh.com.

If you have incurred losses in the ADR's of Canaan Inc., you may, no later than May 4, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Canaan Inc.      

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In November 2019, Canaan completed its  initial  public offering  of  10  million  ADR's  priced at $9.00 per share. 

Then, on February 20, 2020, an investment analyst publishing under the pseudonym Marcus Aurelius published a short report entitled "Canaan Fodder."  The report alleged, among other things, that Canaan was engaged in several undisclosed related-party transactions that lacked economic substance, including the sale of $150 million worth of equipment to a small Hong Kong company with an undisclosed relationship with a significant Canaan shareholder. 

On this news, Canaan's ADR price fell $0.39 per share, or 6.83%, to close at $5.32 per share on February 20, 2020.  Since the IPO,  Canaan's  ADR's  have traded as low as $4.40 per share, representing a decline of more than 51% from the offering price.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com to join this action.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP  
Kevin Cooper, Esq. 
Gregory Stone, Director of Case and Financial Analysis 
Email: [email protected], [email protected] or [email protected] 
Tel: (800) 575-0735 or (212) 545-4774

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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP

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