LOS ANGELES, July 29, 2020 (GLOBE NEWSWIRE) —
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The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Hebron Technology Co., Ltd. (NASDAQ:HEBT) investors that acquired shares between April 24, 2020 and June 3, 2020. Investors have until August 7, 2020 to seek an active role in this litigation.
Hebron Technology Co., Ltd. conducts equipment and engineering service operations focusing on the research, development and manufacture of fluid equipment including valves, pipe fittings and others. Since July 2019, the Company has also provided financial advisory service operations.
The lawsuit alleges that throughout the Class Period, the Company failed to disclose to investors: (1) that many of Hebron’s acquisitions, including Beijing Hengpu and Nami Holding (Cayman) Co., Ltd., involved undisclosed related parties; (2) that the Company’s disclosure controls regarding related party transactions was ineffective; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
On June 3, 2020, investment analyst firm Grizzly Research published a report, entitled “We Believe Hebron Technology Co., Ltd. (HEBT) is an Insider Enrichment Scheme without Economic Basis.” According to the report, the Company “is a stock manipulation scheme that engaged in undisclosed related party acquisitions and undisclosed private placement transactions that have artificially inflated the stock price.” On this news Hebron shares fell significantly in value.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 7, 2020.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar