RADNOR, Pa., April 22, 2021 /PRNewswire/ — The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of New York against Canaan Inc. (NASDAQ:  CAN) (“Canaan”) on behalf of those who purchased or acquired Canaan American Depositary Receipts (“ADRs”) between February 10, 2021 and April 9, 2021, inclusive (the “Class Period”).

Investor Deadline Reminder:  Investors who purchased or acquired Canaan ADRsduring the Class Period may, no later than June 14, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP:  James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail atinfo@ktmc.com; orclick https://www.ktmc.com/canaan-inc-class-action-lawsuit?utm_source=PR&utm_medium=Link&utm_campaign=canaan 

Canaan designs, manufactures and sells bitcoin mining machines, primarily in the Peoples Republic of China.

Throughout the Class Period, the defendants concealed that due to ongoing supply chain disruptions and the introduction of Canaan’s next-generation A12 series bitcoin mining machines, Canaan’s fourth quarter 2020 sales had declined more than 93% year-over-year compared to its fourth quarter 2019 sales and more than 93% quarter-over-quarter compared to its third quarter 2020 sales.

According to the complaint, on April 12, 2021, before the opening of trading, Canaan issued a press release disclosing its actual fourth quarter 2020 and fiscal year 2020 financial results for the period ended December 31, 2020, including a 93% year-over-year decrease in computing power sold and net revenues for the quarter.

The complaint alleges that, throughout the Class Period, the defendants concealed from the investing public that: (1) Canaan had experienced significant ongoing supply chain disruptions during the fourth quarter 2020; (2) the introduction of Canaan’s next-generation A12 series bitcoin mining machines had cannibalized sales of the older product offerings during the fourth quarter 2020; (3) as a result of the foregoing, Canaan’s fourth quarter 2020 sales and sales revenues had declined dramatically; and (4) as a result of the foregoing, Canaan was not

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