SOS Ltd. (SOS) stock plunged by 3.97% at the last trading close while the SOS stock continued to decline by 5.75% in the pre-market trading. SOS is a new blockchain-based and big data-driven marketing and solution provider in China. SOS has a membership base of about 20 million people. SOS has recently begun to prepare for the launch of its cryptocurrency mining business, as well as developing protection and security monitoring systems for digital assets and cryptocurrencies.
What is happening?
The critical June 1, 2021 lead plaintiff deadline is being reminded by Rosen Law Firm, a major investor rights law firm, to purchasers of SOS Limited shares between July 22, 2020 and February 25, 2021, inclusive (the “Class Period”). If anyone bought SOS shares during the Class Period, they might be eligible for payments under a contingency premium plan, which means they won’t have to incur any out-of-pocket fees or charges.
Insight of the lawsuit
According to the case, defendants made false and/or misleading claims and/or refused to reveal facts during the Class Period, resulting in a scheme that:
- In its SEC filings, SOS misquoted the true identity, location, and/or presence of at least one of its principal executive offices.
- SOS fabricated HY International Group New York Inc. and FXK Technology Corporation, which were either unidentified associated parties or companies.
- SOS had misrepresented the kind of mining rigs it claimed to have acquired, as well as their presence.
- As a consequence, defendants’ official statements at all applicable times is materially inaccurate and deceptive. Investors were allegedly harmed until the real facts were revealed, according to the complaint.
How Rosen Law Firm works?
The firm advises clients to hire experienced legal advisors with a proven record of performance in senior positions. Firms who issue notifications often lack equivalent expertise or capital. The Rosen Law Firm is a global plaintiff representation firm that specializes in equity class actions and shareholder derivative cases. Also, the Rosen Law Firm has won the biggest equity class action case ever against a Chinese company.