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NEW YORK, July 19, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all investors that purchased Ideanomics, Inc. (NASDAQ: IDEX) securities between May 15, 2017 and November 13, 2018 (the “Class Period”). Investors have until September 17, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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The complaint filed on July 19, 2019 alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, defendants failed to disclose to investors that: (i) costs associated with building out Ideanomics’ U.S. infrastructure and hiring its new executive team were negatively impacting the Company’s bottom line performance; (ii) as a result, Ideanomics was highly unlikely to meet its 2018 EBITDA guidance; (iii) Ideanomics’ margins in its oil trading and consumer electronics businesses were too low for those businesses to remain viable; and (iv) as a result, Ideanomics’ public statements were materially false and misleading at all relevant times.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Ideanomics class action please go to https://bespc.com/idex. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.