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EQOS.US
id: 672, Created by Stan Vick Chase, Scout

Join Eqonex (EQOS) Case on Misleading to Fight Losses Back

  • Eqonex announced NASDAQ delisting .
  • $EQOS price fell over 33%, injuring investors.
  • Investors suspect Eqonex and its Leaders of multiple misrepresentations, which led to investment losses.
On November 29, 2022, Eqonex (EQOS) announced that the Company’s securities will be delisted from NASDAQ and that trading in those securities will be suspended at the opening of business on November 30, 2022.
On this news, the $EQOS price fell over 33%, injuring investors.

Earlier the same year:
  • on November 21, 2022, Eqonex disclosed that it was “currently in breach of certain provisions of the Loan Agreement and consequently seeking a waiver from Bifinity on such breaches” and “based on the working capital forecast prepared by management, the financial resources available to the Company as of March 31, 2022, and up to November 21, 2022, may not be sufficient to satisfy the working capital requirements of the Company for a period of twelve months from that date … which may cast significant doubt on the Group’s ability to continue as a going concern.” On this news, Eqonex’s share price plummeted by over 48%.
  • On August 15, 2022, Eqonex announced plans to exit the crypto exchange space, close the Exchange, and focus its resources on its Asset Management and Custody businesses. Despite the Exchange accounting for 79.9% of the Company’s revenues in the financial year ending March 31, 2022, the Company assured investors that day that “proactively exiting the crowded exchange space is the right decision to deliver shareholder value” and “our Asset Management and Custody business, Digivault, have already made solid progress with the additional resources that we have allocated to them recently, and we are bullish about their prospects as we become an organization focused on these high-potential business areas.” In connection with the Exchange closing and in accordance with the Loan Agreement, Bifinity granted Eqonex a waiver for the cessation of a major business and Eqonex agreed to increase its share charge of Digivault under the loan agreement from 24.9% to 100%. On this news, Eqonex’s share price fell over 18%.
Taking all facts into account, Investors have reasons to suspect Eqonex and its Leaders in multiple misrepresentations, specifically:
  • the Company was not interested in leveraging the Exchange or deploying resources to strengthen that technology;
  • Eqonex had no way of paying Bifinity back pursuant to the Loan Agreement;
  • Bifinity and Binance had no intention of consummating a merger between Eqonex and Bifinity or Binance.
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
29 November 2022
Filing date
19 April 2023
Class period Start
07 March 2022
Class period End
29 November 2022
Lead Plaintiff Deadline
19 June 2023
Court
Southern District of New York
Collecting participants…
Created by Stan Vick Chase, Scout

Eqonex Ltd

Eqonex Limited operates as a digital assets financial services company. It operates through three divisions: Custody, Asset Management, and Brokerage. The company provides Digivault, a custody solu...

    Ticker
    EQOS.US
    ISIN
    SGXZ53262598
    CIK
    1790515
    Sector
    Technology
    Industry
    Financial Technology (Fintech) & Infrastructure
    Country
    USA
    Address
    18-01 Crown at Robinson, Singapore, Singapore, 068907