Hebron Technology Co., Ltd.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Hebron Technology Co., Ltd. (“Hebron” or the “Company”) (NASDAQ: HEBT) securities during the period from April 24, 2020 through June 3, 2020 (the “Class Period”). Investors have until August 10, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Hebron failed to disclose that: (i) many of Hebron’s acquisitions, including Beijing Hengpu and Nami Holding (Cayman) Co., Ltd., involved undisclosed related parties; and (ii) the Company’s disclosure controls regarding related party transactions was ineffective.
On June 3, 2020, Grizzly Research published a report alleging that Hebron is an “insider enrichment scheme without economic basis,” citing questionable transactions including an undisclosed related party transaction for nearly $26 million. On this news, the price of Hebron shares fell $8.26, or 36.6%, to close at $14.29 per share on June 3, 2020.
If you acquired Hebron securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.