RM LAW Announces Class Action Lawsuit Against Ideanomics, Inc.

BERWYN, Pa., July 13, 2020 /PRNewswire/ -- RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Ideanomics Inc. ("Ideanomics" or the "Company") (NYSE: IDEX) securities during the period from March 20, 2020 through June 25, 2020 inclusive (the "Class Period").

Ideanomics shareholders may, no later than August 27, 2020, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Ideanomics and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.

According to the complaint, in May 2020, Ideanomics touted that its Mobile Energy Global ("MEG") center "in Qingdao now hosts a full suite of car dealer services for new energy and used cars with a capacity of 18,000 vehicles onsite." Then, on June 9, 2020, Ideanomics announced that auto dealers operating in MEG have sold 2,139 vehicles for a total of $33 million. However, on June 25, 2020, Hindenburg Research revealed that Ideanomics had manipulated photos to suggest it owns/operates the MEG center and "to drive its stock price up." Hindenburg also had an investigator call some of Ideanomics' purported customers and "'none of them were aware of Ideanomics and none were able to confirm doing business with' Ideanomics". That same day J Capital Research stated "[o]ne thing remains a constant [with Ideanomics]…shareholders get wiped out." After attempts by Ideanomics to clarify the findings in these reports, Hindenburg Research stated "[w]e continue to believe that Ideanomics is engaged in flagrant securities fraud and that its stock will end up in pennies." On this news, Ideanomics' share price fell over 53% over two days to close at $1.46 per share on June 26, 2020.

If you are a member of the class, you may, no later than August 27, 2020, request that the Court appoint you as lead plaintiff of the class.  A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.  In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Under certain circumstances, one or more class members may together serve as "lead plaintiff."  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.  You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.

For more information regarding this, please contact RM LAW, P.C.  (Richard A. Maniskas, Esquire) toll-free at (844) 291-9299 or by email at [email protected] or click here.   For more information about class action cases in general or to learn more about RM LAW, P.C. please visit our website by clicking here. 

RM LAW, P.C. is a national shareholder litigation firm.  RM LAW, P.C. is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.

SOURCE RM LAW, P.C.