IDEX INVESTOR ALERT: Kirby McInerney LLP Announces That a Class Action Lawsuit Has Been Filed Against Ideanomics, Inc. and Encourages Investors to Contact the Firm Before August 27

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Jun 30, 2020 07:30 pm
NEW YORK -- 

The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Ideanomics, Inc. (“Ideanomics” or the “Company”) (NASDAQ: IDEX) securities during the period from March 20, 2020 through June 25, 2020. Investors have until August 27, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

The lawsuit alleges that the Company failed to disclose that: (i) Ideanomics’ MEG Center in Qingdao was not “a one million square foot EV expo center;” (ii) the Company had been using doctored or altered photographs of the purported Mobile Energy Global (“MEG”) Center in Qingdao; and (iii) the Company’s electric vehicle business in China was not performing nearly as strong as Ideanomics had represented.

On June 25, 2020, analyst Hindenburg Research issued a series of tweets in which it called Ideanomics “an egregious & obvious fraud” and asserted that it found evidence that Ideanomics had doctored photos for use in its press releases to suggest that the Company owns or operates a vehicle sales center in Qingdao, China, when it in fact does not. On the same day, analyst J Capital Research tweeted that, “[w]e called all the ‘buyers’ named in [Ideanomics’] press releases this month. Not a single one had made a purchase. One of them thanked us for alerting them to ‘fake news.’” On this news, Ideanomics’ share price fell $0.65, or 21.0%, to close at $2.44 per share on June 25, 2020.

On June 26, 2020, Ideanomics walked back certain of its prior statements regarding the MEG Center in Qingdao, stating that it was launching three phases of its MEG Center in Qingdao to eventually total one million square feet but that the first stage was only 215,000 square feet. On this news, Ideanomics’ share price fell $0.98, or 40.2%, to close at $1.46 per share on June 26, 2020.

If you acquired Ideanomics securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kirby McInerney LLP
Thomas W. Elrod, Esq.
(212) 371-6600
investigations@kmllp.com
www.kmllp.com

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).