BOSTON, June 09, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, announces that a securities fraud class action lawsuit has been filed against Hebron Technology Co., Ltd. (NASDAQ: HEBT) and certain of its executives. Investors who have lost money are encouraged to contact the Firm.
On June 3, 2020, analyst Grizzly Research published a scathing report alleging that China-based Hebron Technology is an “insider enrichment scheme without economic basis.” In its report, Grizzly Research cited questionable transactions including an undisclosed related-party transaction of nearly $26 million. The report further stated “we believe HEBT 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 the publication of the Grizzly Research report, shares of HEBT fell from their June 2, 2020 closing price of $22.55 per share to a June 4, 2020 close of $11.78 per share, a drop of approximately 48%.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York.
If you purchased or acquired shares of HEBT and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at firstname.lastname@example.org, or at https://shareholder.law/cases/?case=hebt. The deadline to move the Court to be appointed as lead plaintiff is August 10, 2020.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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