Blockchain Supplier Singularity Hid CEO’s Past Fraud, Suit Says

Stock in Singularity Future Technology Ltd. lost most of its value after revelations emerged that its CEO was wanted in China for conducting a massive Ponzi scheme, an investor says in a proposed class action.

The security went from about $8 per share, just before a key report by Hindenburg Research in May, to $1.13 per share in November, Piero Crivellaro says. He filed his complaint Dec. 9 in the US District Court for the Eastern District of New York. The November slide, the last in a series, occurred after Singularity disclosed criminal and civil investigations by the US Securities ...