NEW YORK, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of all persons or entities who purchased the securities of Singularity Future Technology Ltd. (f/k/a Sino-Global Shipping America Ltd.) (“Singularity Future” or the “Company”) (NASDAQ: SGLY) between February 12, 2021 and November 17, 2022, both dates inclusive (the “Class Period”).

The Complaint alleges that Defendants made materially false and/or misleading statements and/or failed to disclose: (i) the Company’s former Chief Executive Officer (“CEO”) Yang Jie’s true educational background, that he had an outstanding arrest warrant in China, committed forgery, was the largest shareholder and Vice President of Finance, for a Nasdaq-listed lending company, China Commercial Credit (“CCC”), which failed after reporting massive losses; (ii) material related party transactions with SOS Information Technology New York Inc. (“SOS”) (where Jie’s wife was Vice President) and Rich Trading Co. Ltd USA (“Rich Trading”); (iii) independent director John Levy’s long tenure as a director of CCC; (iv) the Company lacked adequate internal controls and as a result had a heightened risk of scrutiny and ultimately was subject to a United States Attorney’s Office for the Southern District of New York and SEC investigation and action as well as a potential delisting by NASDAQ; and as a result (v) the Company’s statements during the Class Period about the historical financial and operational metrics and purported market opportunities did not accurately reflect the actual business, operations, and financial results and trajectory of the Company, and were materially false and misleading, and lacked a factual basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

Investors who purchased or otherwise acquired shares of Singularity Future should contact the Firm prior to the February 7, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.

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