Singularity Future Technology Ltd. - Lowey Dannenberg -Securities Class Action Lawsuit

Singularity Future Technology Ltd.

Ticker: SGLY

Class Period Start: 02/12/2021

Class Period End: 11/14/2022

Registration Deadline: 02/07/2023

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A securities class action has been filed in the USDC – E.D.N.Y. against Singularity Future Technology Ltd. (SGLY) on behalf of persons or entities who purchased or otherwise acquired publicly traded Singularity securities between February 12, 2021 through November 17, 2022.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose:

the Company’s former Chief Executive Officer (“CEO”) Yang Jie’s true educational background, that he had an outstanding arrest warrant in China, committed forgery, was the largest shareholder and Vice President of Finance, for a Nasdaq-listed lending company, China Commercial Credit (“CCC”), which failed after reporting massive losses;
material related party transactions with SOS Information Technology New York Inc. (“SOS”) (where Jie’s wife was Vice President) and Rich Trading Co. Ltd USA (“Rich Trading”);
independent director John Levy’s long tenure as a director of CCC;
the Company lacked adequate internal controls and as a result had a heightened risk of scrutiny and ultimately was subject to a United States Attorney’s Office for the Southern District of New York and SEC investigation and action as well as a potential delisting by NASDAQ; and as a result
Singularity’s statements during the Class Period about the historical financial and operational metrics and purported market opportunities did not accurately reflect the actual business, operations, and financial results and trajectory of the Company, and were materially false and misleading, and lacked a factual basis.

When the true details entered the market, on November 17, 2022, Singularity’s stock closed at $1.13 per share.

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