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CAN ALERT: Kessler Topaz Meltzer & Check, LLP Reminds Investors of Securities Fraud Class Action Lawsuit Filed Against Canaan Inc.

RADNOR, Pa., April 20, 2021 (GLOBE NEWSWIRE) — The legislation agency of Kessler Topaz Meltzer & Check, LLP reminds traders that a securities fraud class motion lawsuit has been filed within the United States District Court for the Southern District of New York in opposition to Canaan Inc. (NASDAQ: CAN) (“Canaan”) on behalf of those that bought or acquired Canaan American Depositary Receipts (“ADRs”) between February 10, 2021 and April 9, 2021, inclusive (the “Class Period”). Investor Deadline Reminder: Investors who bought or acquired Canaan ADRs through the Class Period might, no later than June 14, 2021, search to be appointed as a lead plaintiff consultant of the category. For extra data or to find out how to take part on this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; by way of e-mail at [email protected]; or click on https://www.ktmc.com/canaan-inc-class-action-lawsuit?utm_source=PR&utm_medium=Link&utm_campaign=canaan Canaan designs, manufactures and sells bitcoin mining machines, primarily within the Peoples Republic of China. Throughout the Class Period, the defendants hid that due to ongoing provide chain disruptions and the introduction of Canaan’s next-generation A12 sequence bitcoin mining machines, Canaan’s fourth quarter 2020 gross sales had declined greater than 93% year-over-year in contrast to its fourth quarter 2019 gross sales and greater than 93% quarter-over-quarter in contrast to its third quarter 2020 gross sales. According to the criticism, on April 12, 2021, earlier than the opening of buying and selling, Canaan issued a press launch disclosing its precise fourth quarter 2020 and financial 12 months 2020 monetary outcomes for the interval ended December 31, 2020, together with a 93% year-over-year lower in computing energy bought and internet revenues for the quarter. The criticism alleges that, all through the Class Period, the defendants hid from the investing public that: (1) Canaan had skilled vital ongoing provide chain disruptions through the fourth quarter 2020; (2) the introduction of Canaan’s next-generation A12 sequence bitcoin mining machines had cannibalized gross sales of the older product choices through the fourth quarter 2020; (3) because of the foregoing, Canaan’s fourth quarter 2020 gross sales and gross sales revenues had declined dramatically; and (4) because of the foregoing, Canaan was not on observe to obtain the sturdy monetary prospects it had led the market to consider. Canaan traders might, no later than June 14, 2021, search to be appointed as a lead plaintiff consultant of the category by way of Kessler Topaz Meltzer & Check, LLP or different counsel, or might select to do nothing and stay an absent class member. A lead plaintiff is a consultant celebration who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court should decide that the category member’s declare is typical of the claims of different class members, and that the category member will adequately symbolize the category. Your skill to share in any restoration isn’t affected by the choice of whether or not or not to function a lead plaintiff. Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts all through the nation involving securities fraud, breaches of fiduciary duties and different violations of state and federal legislation. Kessler Topaz Meltzer & Check, LLP is a driving pressure behind company governance reform, and has recovered billions of {dollars} on behalf of institutional and particular person traders from the United States and world wide. The agency represents traders, customers and whistleblowers (non-public residents who report fraudulent practices in opposition to the federal government and share within the restoration of presidency {dollars}). The criticism on this motion was not filed by Kessler Topaz Meltzer & Check, LLP. For extra details about Kessler Topaz Meltzer & Check, LLP please go to www.ktmc.com. CONTACT: Kessler Topaz Meltzer & Check, LLPJames Maro, Jr., Esq.Adrienne Bell, Esq.280 King of Prussia RoadRadnor, PA 19087(844) 887-9500 (toll free)[email protected]

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