RATE Group | Bitcoin Mining Rig Manufacturer Canaan Sued – Accused of Misleading IPO Investors
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Bitcoin Mining Rig Manufacturer Canaan Sued – Accused of Misleading IPO Investors

07 Mar Bitcoin Mining Rig Manufacturer Canaan Sued – Accused of Misleading IPO Investors

Posted at 02:05h in Bitcoin News by

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Bitcoin Mining Rig Manufacturer Canaan Sued - Accused of Misleading IPO Investors

Bitcoin mining rig manufacturer Canaan Inc. is being sued for allegedly breaking U.S. securities laws before its initial public offering (IPO). Phillippe Lemieux, a Canaan investor, filed a class-action lawsuit that claims the company violated the Securities Act of 1933. Lemieux believes Canaan misled investors and the Securities and Exchange Commission (SEC) in regards to the company’s financial wellbeing.

Also Read: Bitcoin Cash Community Supports Greater Privacy by Donating Over 100 BCH to Cashfusion Fundraiser

Canaan Gets Into Hot Water

In October 2018, the China-based mining rig company Canaan filed its IPO status with the SEC and the firm hoped to raise $400 million. However, Canaan only raised $90 million when it was listed on the Nasdaq Global Marketplace. In 2020 the mining giant’s IPO shares did not perform so well and the company also faced stiff competition from manufacturers like Bitmain, Microbt, and Innosilicon.

Canaan and Nasdaq…

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