NEW YORK, March 10, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of SOS Limited (“SOS” or the “Company”) (NYSE: SOS). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether SOS and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 26, 2021, Hindenburg Research (“Hindenburg”) and Culper Research (“Culper”) released commentary on SOS, claiming that the Company was an intricate “pump and dump” scheme that used fake addresses and doctored photos of crypto miners to create an illusion of success. The analysts noted, for example, that SOS’s U.S. Securities and Exchange Commission filings listed a hotel room as the Company’s headquarters. The analysts also questioned whether SOS had actually purchased mining rigs that it claimed to own, as the entity from which SOS purportedly bought the mining rigs appeared to be a fake shell company. The analysts further alleged that the photos SOS had published of their purported “mining rigs” were phony. Culper noted that photographs of SOS’s “miners” did not depict the A10 Pro machines that the Company claimed to own and instead appeared to show different devices altogether. Hindenburg, for its part, found that the original images from SOS’s website actually belonged to another company.
On this news, SOS’s American depositary receipt (“ADR”) price fell $1.27 per share, or 21.03%, to close at $4.77 per ADR on February 26, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP