Adrienne Bell, Esq. (484) 270-1435
Toll free (844) 887-9500
Canaan designs, manufactures and sells bitcoin mining machines, primarily in the Peoples Republic of China.
The complaint alleges that, throughout the Class Period, the defendants concealed from the investing public that: (1) Canaan had experienced significant ongoing supply chain disruptions during the fourth quarter 2020; (2) the introduction of Canaan's next-generation A12 series bitcoin mining machines had cannibalized sales of the older product offerings during the fourth quarter 2020; (3) as a result of the foregoing, Canaan's fourth quarter 2020 sales and sales revenues had declined dramatically; and (4) as a result of the foregoing, Canaan was not on track to achieve the strong financial prospects it had led the market to believe.