Canaan Inc.

Canaan Inc.

Ticker: CAN

Class Period Start: 02/10/2021

Class Period End: 04/09/2021

Registration Deadline: 06/14/2021

On April 12, 2021, before the markets opened, Canaan Inc. (“Canaan” or the “Company”) announced its fourth quarter and fiscal year 2020 financial results in a press release. Therein, the Company reported a 93% year-over-year decrease in computing power sold and net revenues for the quarter, citing “a severe supply shortage” of “mining machine” chips during the quarter. The Company also revealed that older machines were sold for lower prices than the newer machines for which Canaan received pre-orders, despite prior statements that the price of bitcoin mining machines typically increased with the price of bitcoin, which had risen dramatically during the fourth quarter.

On this news, Canaan’s American Depositary Receipt (“ADR”) price fell $5.53, or 30%, to close at $13.14 per ADR on April 12, 2021, thereby injuring investors.

The Complaint alleges that Defendants failed to disclose to investors that: (1) the Company had experienced significant ongoing supply chain disruptions during the 4Q20; (2) the introduction of the Company’s next-generation A12 series bitcoin mining machines had cannibalized sales of the older product offerings during the 4Q20; (3) as a result of the foregoing, the Company’s 4Q20 sales and sales revenue had declined dramatically; and (4) as a result of the foregoing, the Company was not on track to achieve the strong financial prospects it had led the market to believe.

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