Ebang International Holdings Inc.

According to the Complaint, the Company made false and misleading statements to the market. Ebang directed the proceeds of its public offerings into low yield, long-term bonds and to related parties instead of developing its operations and infrastructure. The Company inflated its declining sales through schemes such as selling defective units. The Company’s prior attempts to go public in Hong Kong failed due to allegations of embezzlement and inflating sales figures. The Company’s purported cryptocurrency exchange was actually the purchase of an out-of-the-box crypto solution. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Ebang, investors suffered damages.

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Amdocs Limited

According to the Complaint, the Company made false and misleading statements to the market. Amdocs both overstated its profits and liquidity while also understating debt. The Company concealed its considerable level of borrowing. The Company claimed that its North American business was maintaining a consistent level, but it was actually deteriorating due in part to the loss of AT&T as a customer. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Amdocs, investors suffered damages.

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Kadmon Holdings, Inc.

According to the Complaint, the Company made false and misleading statements to the market. Kadmon submitted a New Drug Application (“NDA”) for belumosudil for the treatment of cGVHD to the FDA that was incomplete and deficient. When the Company submitted additional data to the FDA in response to the agency’s request, it materially changed the NDA submission. The FDA was likely to extend the Prescription Drug User Fee Act (“PDUFA”) target action date to review the Company’s NDA. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Kadmon, investors suffered damages.

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Canoo Inc.

According to the Complaint, the Company made false and misleading statements to the market. Canoo shifted away from its previous focus on selling vehicles using a subscription model. The Company’s engineering services would not provide meaningful revenue in 2021, or reduce operational risk. As a result, the Company would shift its focus away from the engineering services business as well. The Company did not have partnerships with original equipment manufacturers (OEMs) and was not engaging in its previously announced partnership with Hyundai. Based on these facts, the Company’s public statements were false and materially misleading. When the market learned the truth about Canoo, investors suffered damages.

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SOS Limited

According to the Complaint, the Company made false and misleading statements to the market. SOS misrepresented in its SEC filings the location and/or existence of one of its principal executive offices. Both HY International Group New York Inc. and FXK Technology Corporation were either entities created by the Company or undisclosed related parties. The Company misrepresented the nature of mining rigs it claimed to have purchased. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about SOS, investors suffered damages.

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KORU Medical Systems

According to the Complaint, the Company made false and misleading statements to the market. KORU increased the usage of allowances such as growth rebates to key customers to retain their business and improve growth starting in January 2020. As these rebates built up, the Company’s net sales were likely to decline. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about KORU, investors suffered damages.

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Vroom, Inc.

According to the Complaint, the Company made false and misleading statements to the market. Vroom failed to demonstrate any ability to control and scale its salesforce to meet the demand for its products. The Company discounted aged inventory to sell through the retail channel and liquidated product through wholesale channels. As a result, the Company’s gross profit per unit was likely to decline. Based on these facts, the Company’s public statements were false and materially misleading. When the market learned the truth about Vroom, investors suffered damages.

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Root, Inc.

According to the Complaint, the Company made false and misleading statements to the market. Root was likely to fail to generate positive cash flow for years following its IPO. As a result, the Company was likely to require injections of cash to fund its operations. The Company touted its data-driven advantages in the marketplace, but its established industry competitors had already developed superior technology that resulted in a competitive advantage over the Company. Based on these facts, the Company’s Offering documents and public statements during the IPO and class period were false and materially misleading. When the market learned the truth about Root, investors suffered damages.

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Lordstown Motors Corp.

According to the Complaint, the Company made false and misleading statements to the market. Lordstown’s supposed orders were in fact non-binding. Many of the customers who made these purported pre-orders either could not afford the vehicles, or would not have need of the Company’s Endurance truck. The Company is not “on track” to enter production of the Endurance in September 2021. In fact, the first test run of the vehicle resulted in it being engulfed in fire. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Lordstown, investors suffered damages.

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BELLUS Health Inc.

BELLUS is a clinical-stage biopharmaceutical company whose lead product is BLU-5937, which is being developed for the treatment of chronic cough (one that lasts over eight weeks) and other afferent hypersensitization-related disorders. The Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose material adverse facts about BELLUS’s business, operations, drug products, drug product development, competition, and present and future business prospects. Specifically, Defendants misrepresented and/or failed to disclose that BLU-5937’s “high selectivity” contributed to the drug potentially being less efficacious and thus likely unable to meet the primary endpoint of the Company’s Phase 2 study. As a result, when Defendants announced before markets opened on July 6, 2020, that BLU-5937 had failed the Phase 2 study, the Company’s stock price plummeted over 75% on heavy trading volume.

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