NEW YORK–(Enterprise WIRE)–Bragar Eagel & Squire, P.C., a nationally regarded stockholder legal rights law business, announces that a class action lawsuit has been filed versus Singularity Upcoming Know-how Ltd. (“Singularity” or the “Company”) (NASDAQ: SGLY) in the United States District Court docket for the Southern District of New York on behalf of all individuals and entities who purchased or if not obtained Singularity securities between September and December 2021, both dates inclusive (the “Class Period”). Buyers have until eventually February 3, 2023 to utilize to the Courtroom to be appointed as direct plaintiff in the lawsuit.
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Amongst September and December of 2021, Defendants—including Jie who was afterwards uncovered to be a convicted fraudster on the run from Chinese authorities—engaged in a plan of product misrepresentations and omissions to convince Plaintiffs to invest tens of millions of pounds in Singularity’s purported cryptocurrency small business that Defendants falsely claimed would earn Plaintiffs “10x” financial commitment returns in a brief period of time of time.
Relying on Defendants’ representations, Plaintiffs agreed to devote about $4.4 million for shares in Singularity pursuant to phrases and conditions of a Securities Buy Agreement (“SPA”) dated on or about December 14, 2021.
On the other hand, prior to the ink was dry on the SPA, Singularity began breaching its provisions.
Within times of Plaintiffs’ monies staying wired to Singularity’s lender account, Singularity employed people resources to shell out off warrants held by before traders regardless of the simple fact that the SPA experienced represented that no warrants to other buyers were being superb and that Plaintiffs’ income would be applied to additional Singularity’s business functions.
Supplemental breaches of the SPA by Singularity consist of its failure to file expected periodic reports (e.g., Form 10-Q) with the Securities and Trade Commission (“SEC”), rendering as worthless what experienced been a essential phrase of the SPA—namely, the opportunity for Plaintiffs to timely receive unrestricted, totally free-trading shares of Singularity prevalent stock immediately from the issuer at a low cost.
Singularity has since categorically failed to cure its regulatory filing deficiencies despite owning sufficient monetary assets to do so, therefore even more destroying the reward of what Plaintiffs bargained for in the SPA.
For the reason that Singularity has failed to honor and breached the phrases of the SPA, Plaintiffs are now unable to clear away the restrictive legends on their shares of inventory and promote them into the public marketplaces. In duping Plaintiffs to make their investment and then immediately breaching obligations less than the SPA, Defendants have violated federal securities legislation, fully commited widespread regulation fraud, and breached their contractual obligations.
To date, Singularity has failed and refused to return any of the monies that Plaintiffs invested.
As a end result of Defendants’ wrongful perform, Plaintiffs are entitled to an award for damages, punitive damages, attorneys’ charges, and the fees of bringing this motion.
If you procured or normally acquired Singularity shares and experienced a reduction, are a very long-term stockholder, have data, would like to understand more about these statements, or have any thoughts regarding this announcement or your legal rights or interests with respect to these issues, be sure to get hold of Brandon Walker or Melissa Fortunato by e mail at [email protected], phone at (212) 355-4648, or by filling out this call form. There is no price tag or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally regarded law firm with places of work in New York, California, and South Carolina. The firm signifies personal and institutional traders in industrial, securities, by-product, and other sophisticated litigation in point out and federal courts across the region. For far more details about the company, please visit www.bespc.com. Lawyer promotion. Prior effects do not guarantee very similar outcomes.