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Singularity Class Action: Levi & Korsinsky Reminds Singularity Future Technology Ltd. Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of February 7, 2023 - SGLY

Newsfile 25-Jan-2023 6:57 PM

New York, New York--(Newsfile Corp. - January 25, 2023) - Levi & Korsinsky, LLP notifies investors in Singularity Future Technology Ltd. ("Singularity" or the "Company") (NASDAQ:SGLY) of a class action securities lawsuit.

The lawsuit on behalf of Singularity investors has been commenced in the the United States District Court for the Eastern District of New York. Affected investors purchased or otherwise acquired certain Singularity Future Technology Ltd. securities between February 12, 2021 and November 17, 2022. Follow the link below to get more information and be contacted by a member of our team:

https://www.zlk.com/pslra-1/singularity-future-technology-lawsuit-submission-form?prid=35949&wire=5

or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500. There is no cost or obligation to you.

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Singularity Future Technology Ltd. NEWS - SGLY NEWS

CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) the Company had misrepresented the true educational background of its former CEO, Yang Jie; 2) Yang Jie had an outstanding arrest warrant in China, had committed forgery, and was the largest shareholder and VP of Finance for a Nasdaq-listed lending company, China Commercial Credit ("CCC"), which failed after reporting massive losses; (3) there existed material related party transactions with SOS Information Technology New York Inc. (where Jie's wife was Vice President) and Rich Trading, whose CEO was defendant Lei Nie, the husband of Singularity CFO Tuo Pan; (4) Singularity director John Levy had been a director at CCC from January 2013 through December 2016 as CCC failed amidst detailed allegations that Jie, when he was an executive and shareholder in CCC, misappropriated assets; (5) the Company lacked adequate internal controls, and as a result had a heightened risk of scrutiny and was ultimately 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 (6) as a result, the Company'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.

WHAT THIS MEANS TO SHAREHOLDERS: If you suffered a loss in Singularity during the relevant timeframe, you have until February 7, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. Discuss your rights with our legal team without cost or obligation.

PROTECT YOUR FINANCIAL INTERESTS: Complete this brief submission form https://www.zlk.com/pslra-1/singularity-future-technology-lawsuit-submission-form?prid=35949&wire=5 or call 212-363-7500 to discuss the case.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152544

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