HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Investors in SOS Limited (SOS) to Contact its Attorneys, Analyst says Company "Fabricated" Crypto Mining Purchases
SAN FRANCISCO, March 5, 2021 /PRNewswire/ -- Hagens Berman urges SOS Limited (NYSE: SOS) investors to submit their losses now. The firm is investigating possible securities law violations and certain investors may have valuable claims.
Visit: www.hbsslaw.com/investor-fraud/SOS
Contact An Attorney Now: [email protected]
844-916-0895
SOS Limited (SOS) Investigation:
The investigation centers on the accuracy of SOS's claims concerning its cryptocurrency mining assets and capabilities.
Up until recently, SOS's financial results have struggled and its stock price has languished. But earlier this year, SOS has attracted investor interest by releasing a wave of press releases touting its purported entry into the bitcoin mining business. For example, on Jan. 21, 2021, SOS claimed to have purchased over 15,000 mining rigs for $20 M, and a month later, claimed that 5,000 mining rigs had already gone live. SOS's cryptocurrency promotion was well-received, as its shares skyrocketed 600%.
But on Feb. 26, 2021, Hindenburg Research and Culper Research released scathing commentary on SOS, claiming that SOS was an intricate "pump and dump" scheme that used fake addresses and doctored photos of crypto miners to create an illusion of success. The analysts pointed out that the company's SEC filings, for instance, listed a hotel room as the firm's headquarters. The analysts also questioned whether SOS had actually purchased the claimed mining rigs, as the firm SOS purportedly bought the mining rigs from was a fake shell company. Most damaging, the analysts alleged that the photos SOS had published of their "mining rigs" were phony. In particular, Culper noted that the photographed SOS "miners" weren't the A10 Pros the company claimed to own. Instead, they were pictures of Avalon's A1066 miners. Hindenburg went even further and found the original images from SOS's site belonged to a legitimate rival RHY.
In response, the price of SOS American Depositary Shares has significantly fallen.
"We're focused on investors' losses and whether SOS' purported entry into crypto mining is simply a false promotion scheme," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a SOS investor, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding SOS should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP
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