Connect with us
Prague Gaming & TECH Summit 2024

Fintech PR

SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Ideanomics, Inc. of Class Action Lawsuit and Upcoming Deadline – IDEX

Published

on

 

Pomerantz LLP announces that a class action lawsuit has been filed against Ideanomics, Inc. (“Ideanomics” or the “Company”)(NASDAQ: IDEX) and certain of its officers.  The class action, filed in the United States District Court for the Southern District of New York, and indexed under 20-cv-05203, is on behalf of all investors who purchased or otherwise acquired Ideanomics, Inc. (“Ideanomics” or the “Company”) securities between March 20, 2020, and June 25, 2020, inclusive (the “Class Period”).  This action is brought on behalf of the Class for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), 15 U.S.C. §§ 78j(b) and 78t(a) and Rule 10b-5 promulgated thereunder by the SEC, 17 C.F.R. § 240.10b-5.

If you are a shareholder who purchased Ideanomics securities during the Class Period, you have until August 27, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

[Click here for information about joining the class action]

Ideanomics purports to be a global company focused on facilitating the adoption of commercial electric vehicles and developing next generation financial services and Fintech products.  Ideanomics common stock trades on the NASDAQ stock exchange under the ticker “IDEX.”  The Company is headquartered in New York, New York, and maintains offices in Beijing and Qingdao, China.

In recent press releases, Ideanomics has lauded its “one million square foot EV expo center in Qingdao, Shandong Province,” in China, also known as the Company’s Mobile Energy Global (MEG) Division, or the “MEG Center.”  According to Ideanomics, the MEG Center is “the largest auto trading market in Qingdao,” China.

Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Ideanomics’ MEG Center in Qingdao was not “a one million square foot EV expo center”; (ii) the Company had been using doctored or altered photographs of the purported MEG Center in Qingdao; (iii) the Company’s electric vehicle business in China was not performing nearly as strong as Ideanomics had represented; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On June 25, 2020, analyst Hindenburg Research (“Hindenburg”) issued a series of tweets in which it called Ideanomics “an egregious & obvious fraud.”  Hindenburg asserted that it found evidence that Ideanomics had doctored photos for use in its press releases to suggest that the Company owns or operates a vehicle sales center in Qingdao, China, when it in fact does not.  Hindenburg further asserted that it had an investigator go to Ideanomics’ purported MEG Center in Qingdao, China, where the investigator was unable to find any trace of Ideanomics or its purported MEG Center.

Also on June 25, 2020, analyst J Capital Research issued a report on Ideanomics entitled “Champion of Promotes.”  J Capital wrote, in part, that “Ideanomics . . . is a zero. The company changes its name and promotional story so frequently that it’s hard to keep up. One thing remains a constant, despite all the press releases, buzzwords and hype: shareholders get wiped out.”  J Capital continued, in a tweet, that “[w]e called all the ‘buyers’ named in [Ideanomics’] press releases this month. Not a single one had made a purchase. One of them thanked us for alerting them to ‘fake news.'”

On this news, Ideanomics’ stock price fell from its June 24, 2020 closing price of $3.09 per share to a June 25, 2020 closing price of $2.44 per share, a one day drop of $0.65 per share, or approximately 21%.

Then on June 26, 2020, Ideanomics issued a press release in which it sought to “clarify the status” of its purported EV hub in Qingdao, China.  In this release, Ideanomics walked back certain of its prior statements regarding the MEG Center in Qingdao, stating that it was launching three phases of its MEG Center that will eventually total one million square feet.  The first phase, according to Ideanomics, occupies only 215,000 square feet.

The stock price continued to plummet on June 26, 2020, dropping to a close of $1.46 per share.  This represents a two day drop of approximately 53%.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

Fintech PR

/C O R R E C T I O N — Roborock/

Published

on

/c-o-r-r-e-c-t-i-o-n-—-roborock/

 

Roborock Reports 2023 Full Year Financial Results

Achieving Record-breaking Financial Success and Reaching Historic High in Total Assets

HONG KONG, March 28, 2024 /PRNewswire/ — Roborock, a global leader in ultra-intelligent home robotics engineered to simplify daily life, today announced its financial results for the full year ending December 31, 2023.

Roborock achieved remarkable financial success during the reporting period, posting revenue of 8.65 billion Yuan (US$1.22 billion), representing a significant 30.55% Year-On-Year increase. The company recorded a net profit of 2.05 billion Yuan (US$288 million), achieving an annual growth rate of 73.32%.

Roborock’s total assets reached an all-time high of 14.38 billion Yuan (US$2.02 billion), reflecting Year-On-Year growth of 32.71%. These achievements solidify Roborock’s position as one of the leading players in the smart vacuum industry. The company also recorded impressive overseas revenue, growing at a rate of 21.42%, while total robot vacuums shipments surpassed 2 million units.

“Ever since we founded Roborock back in 2014, our long-term mindset and unwavering commitment to focusing on delivering true value to our customers is what has gotten us to where we are today. It’s been an amazing journey, and we are truly proud to emerge as a global leader in smart vacuums.” said Richard Chang, Founder & CEO of Roborock.

“As we approach our 10-year anniversary, we are excited to introduce more of our cutting-edge vacuums, including the S8 MaxV Ultra which we unveiled at CES 2024. This flagship innovation represents our most technologically advanced one-stop cleaning solution to date, underlining our focus on enriching future lifestyles within the smart home ecosystem to enhance the quality of life for our customers worldwide.

Financial Performance Highlights

Sales and Net Profit

  • Total revenue recorded was 8.65 billion Yuan (US$1.22 billion)
  • Of this, 4.23 billion Yuan (US$595 million) is attributed to Roborock’s overseas operations, accounting for 49% of total revenue
  • Roborock’s overseas operation recorded a revenue growth of 21.42% compared to the previous year
  • The company achieved a net profit of 2.05 billion Yuan (US$288 million), with an annual growth rate of 73.32%
  • Roborock’s total assets reached a historic high of 14.38 billion Yuan (US$2.02 billion), reflecting a remarkable 32.71% Year-On-Year growth

Growth across Product Categories

  • Roborock’s total robot vacuums shipments surpassed 2 million units, generating an income of 8.09 billion Yuan income (US$1.14 billion) and achieving a Year-On-Year growth of 27.14%
  • Roborock experienced rapid growth across new product categories (product portfolios except robot vacuums), with an income of 554 million Yuan (US$78 million) income and a Year-On-Year growth of 109.4%

Research & Development

  • R&D expenditure amounted to 619 million Yuan (US$87 million), accounting for 7.15% of total revenue. This represents a year-on-year growth of 26.69%
  • During the reporting period, 522 new domestic and overseas patents were filed

Major accounting data and financial indicators in the past 3 years

(Unit: Yuan; Currency: RMB)

2023

2022

Year-On-Year
Growth (%)

Total Assets

14,376,641,614

10,833,053,890

32.71

Net assets
attributable to
shareholders of
listed companies

11,380,526,122

9,556,378,416

19.09

Revenue

8,653,783,788

6,628,716,402

30.55

Net profit
attributable to
shareholders of
listed companies

2,051,217,414

1,183,476,942

73.32

Net profit
attributable to
shareholders of
listed companies
after deducting
non-recurring
gains and losses

1,826,089,668

1,197,719,439

52.46

Net cash flow
from
operating activities

2,185,931,368

1,120,467,567

95.09

About Roborock

Roborock is committed to innovation in researching, developing, and producing home cleaning devices, particularly robotic, cordless, and wet/ dry vacuum cleaners. Every Roborock product has been designed with an eye on solving genuine problems, so Roborock customers can live better lives. Currently, Roborock is available in more than 40 countries, including the U.S., Germany, France, and Spain. The company operates out of four locations, with offices in Beijing, Shanghai, Shenzhen, and Hong Kong. For more information visit https://us.roborock.com/.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of 7.1132 Yuan to US$1.00, the spot exchange rate at the annual reporting date of December 31, 2023. The company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be at any particular rate or at all.

Photo – https://mma.prnewswire.com/media/2374470/Roborock_2023_Financial_Results.jpg

 

 

Continue Reading

Fintech PR

Sleep interiors brand gets job offer from Peter Jones despite not securing investment in Dragons Den

Published

on

sleep-interiors-brand-gets-job-offer-from-peter-jones-despite-not-securing-investment-in-dragons-den

LONDON, March 29, 2024 /PRNewswire/ — Tonight on BBC1, REMY founder Abeer Iqbal, entered the Den, and despite intense grilling and no investment, left with a six-figure job offer from Peter Jones

Abeer’s pitch began with the Dragon’s keen to experience his sleep-enhancing furniture. When Steven and Peter laid on his hero  ‘The Pod’, a reinvention of the beanbag, and under REMY’s best-selling ‘The Lounger’ weighted blankets, the dragons closed their eyes and pretended to snore. Which was ironic, as despite being told he’d enter the Den around 5pm, Abeer actually went in at 9.30pm, after the dragons had been receiving pitches since early that day, which to Abeer’s own admission “wasn’t easy”. Deborah Meaden said, “This might have been a fatal mistake to put your dragons to sleep before we start the pitch” – recognising that it had been a long day.

After 10+ years working in tech, helping multi-million pound businesses grow their empire at software giants like Shopify, Abeer experienced burn-out, which led him to develop REMY. Despite Abeer telling the dragons that he left the high-pressure industry due to stress and anxiety Peter Jones still offered him a job back in the rat race with a six-figure sum (which he still hasn’t taken). 

After leaving the Den, Abeer admitted feeling the “most anxious ever” and that he “just wanted to get back to his wife for a hug”.  Abeer shared, “I didn’t sleep for days, replaying every moment in my mind. I wanted to forget it.” But it’s not all bad, as Abeer explains, “the anxiety I experienced from the Den gave me a lightbulb moment and led me to create our most popular product yet – The Hugger Pillow. I needed a hug, so I created one”. 

Abeer continues, “I returned the next day to collect my items from the studio. I bumped into a fresh-faced Peter and Toukar in the carpark, they both praised my experience, Peter once again offered me a job and Toukar asked me to call him when I start the next business.”

The global ‘sleep economy’ is booming, projected to reach a record high of $585 billion this year. But Abeer felt he was unable to communicate this, “If I could have my time again, I would focus on the industry of Rest and Sleep rather than the specific products we were trying to innovate. I don’t think I articulated to the Dragon’s the size of the business opportunity that there is with REMY. In terms of what’s next, we are moving towards becoming a household name in rest and sleep but offering products in multiple categories.”

The Dragon that seemed to understand Abeer’s passion for this industry was Sara Davies, saying “I actually fundamentally don’t agree with what I’ve heard here. What I see in front of me, yes he is great at the e-commerce side of things but he gave up a career in corporate because he was passionate about this area. And if there’s one thing I know about business it’s that you will succeed when you pursue the thing you are passionate about. I wouldn’t discourage you to give up. Keep doing it and good luck. I think you could sell anything”.

You can watch Abeer Iqbal on Dragons’ Den on BBC iPlayer.

remysleep.com / @WEAREREMY

Photo – https://mma.prnewswire.com/media/2374872/REMY_Sleep_1.jpg

Cision View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/sleep-interiors-brand-gets-job-offer-from-peter-jones-despite-not-securing-investment-in-dragons-den-302103201.html

Continue Reading

Fintech PR

Bitrue Coin (BTR) Analyzes User Behavior and Announces Upcoming Developments to Enhance Utility

Published

on

bitrue-coin-(btr)-analyzes-user-behavior-and-announces-upcoming-developments-to-enhance-utility

SINGAPORE, March 29, 2024 /PRNewswire/ — Bitrue, a leading cryptocurrency exchange serving over 10 million users globally, announces a focus on user behavior analysis to further develop the utility of its native token, Bitrue Coin (BTR).

“Understanding how our users interact with BTR is crucial for its continued growth,” states Robert Quartly-Janeiro, Chief Strategy Officer of Bitrue. “This analysis will guide upcoming developments that enhance the value proposition of BTR within the Bitrue ecosystem.”

The announcement follows a recent surge in interest surrounding exchange tokens, and digital assets used to pay for services to unlock benefits within specific cryptocurrency exchanges. Currently, BTR offers a compelling range of benefits to Bitrue users, including:

  • Reduced Trading Fees: BTR holders enjoy lower trading fees on the Bitrue exchange, incentivizing active participation in the platform’s marketplace.
  • Governance Voting Rights: BTR grants voting rights on select new listings, allowing users to influence the direction of the Bitrue platform.
  • Staking Opportunities: BTR holders can stake their tokens to earn passive rewards, providing an additional avenue for generating income within the Bitrue ecosystem.
  • Exclusive Airdrop Potential: BTR holders may be eligible for airdrops of new tokens listed on the Bitrue exchange, offering the chance to discover promising crypto projects early.
  • VIP Investment Caps: BTR unlocks higher investment caps for certain cryptocurrencies on the Bitrue platform, catering to high-volume investors.

“BTR already plays a multifaceted role in the Bitrue experience,” Quarterly-Janeiro continues. “By strategically expanding its utility based on user behavior analysis, we aim to solidify BTR’s position within the exchange token market and elevate its value proposition for our user base.”

The specific developments based on user behavior analysis are not disclosed at this time. However, Bitrue assures its users of continued transparency and will share details in due course.

Media Contact: Lily Ho, [email protected]

View original content:https://www.prnewswire.co.uk/news-releases/bitrue-coin-btr-analyzes-user-behavior-and-announces-upcoming-developments-to-enhance-utility-302103427.html

Continue Reading

Trending