RADNOR, Pa., Jan. 8, 2021 /PRNewswire/ --The law firm of Kessler Topaz Meltzer & Check, LLP ("Kessler Topaz") announces that the firm has been appointed Lead Counsel in a securities fraud class action lawsuit pending against Ideanomics, Inc. ("Ideanomics"). The action, captioned In re Ideanomics, Inc. Securities Litigation Case No. 1:20-cv-04944-GBD-OTW (the "Action"), is pending in the United States District Court for the Southern District of New York and is brought on behalf of Ideanomics investors who purchased Ideanomics common stock between March 20, 2020 and June 25, 2020. Pursuant to the Court's scheduling order, Kessler Topaz is required to file an amended complaint by February 26, 2021.
Investors who purchased or acquired Ideanomics common stock (NASDAQ: IDEX) between March 20, 2020 and June 25, 2020 are encouraged to contact Kessler Topaz Meltzer & Check, LLP (James Maro, Esq. (484-270-1413) or Adrienne Bell, Esq. (484-270-1435)); toll free at (844) 887-9500; or via e-mail at [email protected]. For additional information about this Action please click: https://www.ktmc.com/new-cases/ideanomics-inc?utm_source=PR&utm_medium=link&utm_campaign=ideanomics#overview
Ideanomics is a global company focused on facilitating the adoption of commercial electric vehicles ("EV") and developing next generation financial services and Fintech products. On March 20, 2020, Ideanomics issued a press release announcing that "the Qingdao-MEG Sales Center, branded as Mobile Energy Group Center, is scheduled to start sales operations by May 1."
According to the initial complaint filed in the Action, on June 25, 2020, analyst Hindenburg Research issued a series of tweets in which it called Ideanomics "an egregious & obvious fraud." Hindenburg asserted that it found evidence that Ideanomics had doctored photos for use in its press releases to suggest that it owns or operates a vehicle sales center in Qingdao, China, when it in fact does not. Also, on June 25, 2020, analyst J Capital Research issued a report on Ideanomics entitled "Champion of Promotes." J Capital Research wrote, in part, that "Ideanomics . . . is a zero. The company changes its name and promotional story so frequently that it's hard to keep up. One thing remains a constant, despite all the press releases, buzzwords and hype: shareholders get wiped out."
On June 26, 2020, Ideanomics issued a press release in which it sought to "clarify the status" of its purported EV hub in Qingdao, China. In its release, 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 that will eventually total one million square feet. Following this news, the price of Ideanomics common stock fell from its June 24, 2020 close of $3.09 per share to a close of $1.46 per share on June 26, 2020, a two-day drop of approximately 53%.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
SOURCE Kessler Topaz Meltzer & Check, LLP