LOS ANGELES–(BUSINESS WIRE)–$IDEX #CLASSACTION—Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming September 17, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Ideanomics Inc. (“Ideanomics” or the “Company”) (NASDAQ: IDEX) investors who purchased securities between May 15, 2017 and November 13, 2018, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
On November 14, 2018, the Company announced that it would “phase out [its] oil trading and consumer electronics businesses, with the intention to fully divest these assets in the near future.” It also disclosed that it did “not anticipate meeting [its] EBITDA guidance of $35 million for fiscal year 2019” due to “costs associated with building out [its] U.S. infrastructure and hiring [its] new executive team.”
On this news, the Company’s share price fell $1.59, or more than 48%, to close at $1.67 on November 14, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that costs associated with building out Ideanomics’ U.S. infrastructure and hiring its new executive team were negatively impacting the Company’s bottom line performance; (2) that, as a result, Ideanomics was highly unlikely to meet its 2018 EBITDA guidance; (3) that Ideanomics’ margins in its oil trading and consumer electronics businesses were too low for those businesses to remain viable; and (4) 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.
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If you purchased or otherwise acquired Ideanomics securities during the Class Period you may move the Court no later than September 17, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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