NEW YORK, July 18, 2020 (GLOBE NEWSWIRE) – Pomerantz LLP announces a class action lawsuit against Hebron Technology Co., Ltd. ("Hebron" or the "Company") (NASDAQ: HEBT) and some of them were submitted to its officers. The class action lawsuit, which was filed at the U.S. District Court for the Southern District of New York and indexed at 20-cv-04746, is directed to a class consisting of all individuals and organizations other than defendants who bought or bought Hebron securities between them otherwise acquired April 24, 2020 and June 3, 2020, both dates included (the "class period"). The plaintiff pursues claims against the defendants under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Hebron securities during the class, you have until August 7, 2020 to request the court to appoint you as the primary plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this promotion, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, ext. 7980. Those who inquired via email are asked to contact them Specify postal address, telephone number and the number of shares purchased.
(Click here for information on participating in the class action lawsuit.)
Hebron provides equipment and engineering services and focuses on the research, development and manufacture of fluid equipment, including valves, pipe fittings and others. The company has also been offering financial advisory services since July 2019.
The complaint alleges that the defendants have made materially incorrect and / or misleading statements throughout the teaching period and have not disclosed any material adverse facts about the business, operations, and prospects of the company. In particular, the Defendants have not disclosed to investors that: (i) many of Hebron's acquisitions, including Beijing Hengpu and Nami Holding (Cayman) Co., Ltd., concerned undisclosed related parties; (ii) the Company's disclosure controls on related party transactions were ineffective; and (iii) as a result of the foregoing, the defendant's positive statements regarding the business, operations, and prospects of the company were materially misleading and / or had no reasonable basis.
On June 3, 2020, Grizzly Research submitted a report claiming Hebron was an "insider enrichment program without an economic basis" and cited questionable transactions, including an undisclosed related party transaction, for nearly $ 26 million.
In the news, the company's share price fell $ 8.26, or nearly 37%, and closed at $ 14.29 per share on June 3, 2020 with an unusually high trading volume. The stock fell further at the next trading session by $ 2.51 or nearly 18% and closed on June 4, 2020 at an unusually high trading volume at $ 11.78 per share.
The Pomerantz law firm, with offices in New York, Chicago, Los Angeles and Paris, is considered one of the leading law firms in the areas of corporate, securities and antitrust litigation. The Pomerantz company was founded by the late Abraham L. Pomerantz, the dean of the class action lawsuit, and was a pioneer in the field of class action lawsuits for securities. Today, more than 80 years later, the Pomerantz company continues its tradition and fights for the rights of victims of securities fraud, breaches of trust and misconduct by companies. The company has claimed back several million dollars in damages on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby