SAN FRANCISCO, Jan. 8, 2021 /PRNewswire/ — Hagens Berman notifies investors in CBAK Energy Technology, Inc. (NASDAQ: CBAT) of the firm’s investigation into possible securities law violations. Certain investors with losses may have valuable claims and are encouraged to submit their losses now. The firm also encourages persons who may be able to assist the investigation to contact the firm.
CBAK Energy Technology, Inc. (CBAT) Investigation:
The investigation centers on whether CBAK Energy misled investors about the company’s battery technology and financial performance.
More specifically, on Dec. 18, 2020, market analyst J Capital Research published a scathing report titled “The Undead: Why China BAK Has Zero Value.”
According to J Cap, “CBAT has all the hallmarks of a Chinese fraud.” Among other things, JCAP observes “CBAT claims to be an EV company,” “[a]ctually, it makes AA-size batteries for small appliances,” and “[w]e contacted the auto companies CBAT claims are big clients, and they denied they do business with CBAT.” The report also concludes CBAK Energy artificially inflates balance sheet with phony construction accounts and inflates 50% of its revenues through fake sales.
“We’re focused on investor losses and whether CBAK has cooked its books,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a CBAK Energy investor or have information that may assist our investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding CBAK Energy should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP