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Canaan Inc.: Company Investigated by the Portnoy Law Firm

Investors can contact the law firm at no cost to learn more about recovering their losses

LOS ANGELES, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Canaan Inc. (NASDAQ: CAN) investors that the firm has initiated an investigation into possible securities violations and may file a class action on behalf of investors. Canaan investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

On August 18, 2023, prior to the market opening, Canaan issued a press release titled "Canaan Inc. Provides Updates on Its Bitcoin Mining Operations." The press release made several key announcements:

  • Temporary Shutdown of Mining Computing Power: Canaan disclosed that it had decided to temporarily shut down about 2.0 Exahash/s of its mining computing power in Kazakhstan since July 2023. This action was taken to ensure compliance with legal requirements.
  • Significant Impact: The shutdown accounted for approximately 50% of Canaan's total installed computing power in Central Asia and North America. This total was 4.0 Exahash/s by the end of the first quarter of 2023. The move was expected to considerably impact the company's operational mining computing power starting in the third quarter of 2023.
  • Arbitration Proceeding: Canaan US, the company's subsidiary, announced its intention to file an arbitration demand due to the inability to reach a settlement through mediation with a business partner. The company intended to proceed with arbitration to resolve the dispute between the parties.

The press release concluded by stating that these challenges were anticipated to have a significant effect on Canaan's operational mining computing power starting from the third quarter of 2023.

As a result of this news, the value of Canaan's American Depositary Shares (ADSs) dropped by 12%, leading to a closing price of $2.06 per ADR on August 18, 2023.

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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
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com 

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