San Diego, CA -- (SBWIRE) -- 12/09/2022 -- Singularity Future Technology Ltd. is under investigation over potential securities laws violations in connection with certain financial statements.

Investors who purchased shares of Singularity Future Technology Ltd. (NASDAQ: SGLY), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by Singularity Future Technology Ltd. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Great Neck, NY based Singularity Future Technology Ltd. develops solutions for interconnected AI networks in the revolutionized AI and Blockchain suppl management area and establishes crypto mining pools. Singularity Future Technology Ltd. reported that its Total Revenue declined from $6.53 million for the 12 months period that ended on June 30, 2020, to $5.15 million for the 12 months period that ended on June 30, 2021, and that its Net Loss over those respective time periods declined from $16.45 million to $6.82 million.

On May 3, 2022, Hindenburg Research released a short report regarding Singularity's management, operations, and business. The Hindenburg Research report stated that "Singularity's CEO, Yang Jie, is a fugitive on the run from Chinese authorities for running an alleged $300 million Ponzi scheme that lured in over 20,000 victims." Further claiming, "We see little evidence that Singularity's 'proprietary' crypto mining rigs ever existed in the first place. The photos and descriptions of Singularity's miners match precisely with another brand called KOI Miner."

Shares of Singularity Future Technology Ltd. (NASDAQ: SGLY) declined from $19.86 per share on April 7, 2022, to as low as $4.05 per share on May 9, 2022.

On November 16, 2022, Singularity Future Technology Ltd disclosed that, "[t]he Company has received subpoenas from the United States Attorney's Office for the Southern District of New York and the United States Securities and Exchange Commission. The Company is complying with these subpoenas and fully cooperating with these governmental entities. Additionally, the Special Committee of the Company's Board of Directors is continuing to investigate the claims raised by Hindenburg Research on May 5, 2022 and other related matters."

Shares of Singularity Future Technology Ltd. (NASDAQ: SGLY) declined to as low as $0.71 per share on December 1, 2022.

Those who purchased shares of Singularity Future Technology Ltd. (NASDAQ: SGLY) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Christopher Clausen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.