The analysts also questioned whether SOS had actually purchased mining rigs that it claimed to own, as the entity from which SOS purportedly bought the mining rigs appeared to be a fake shell company.  The analysts noted, for example, that SOS's U.S. Securities and Exchange Commission filings listed a hotel room as the Company's headquarters. It’s an alarming accusation, one that a BusinessWire report summed up well: On February 26, 2021, Hindenburg Research and Culper Research published reports regarding SOS, alleging that the Company was a “pump and dump” scheme that used fake addresses and doctored photos of crypto miners to create an illusion of success. You stated you wouldn't short the stock… The analysts also questioned whether SOS had actually purchased the claimed mining rigs, as the firm SOS purportedly bought the mining rigs from was a fake shell company. Disclaimer | Commerce Policy | More importantly, that investors have been ignoring glaring warning signs about SOS stock suggests that speculation overwhelmingly dictates the current market trajectory. At time of writing, it’s down to about $8. The investigation concerns SOS's claims regarding its cryptocurrency mining assets. At first, management said it was preparing “a more detailed response to the false innuendo and lies that are being spread about the company.” In the weeks that followed, SOS released an investor Q&A, and also added a couple videos to its “About” page showing the company’s chief technical officer touring the company’s mining center. The shelves of your neighborhood grocery store are filled with vegan copycats of classic snack foods like dairy-free Dark Chocolate Sunflower Seed Butter Cups and Chili & Lime Flavored Rolled Corn Tortilla Chips. Company Name: Amazonas Florestal Ltd., Stock Symbol: AZFL, Industry: Cannabis, Total Posts: 112111, Last Post: 4/6/2021 2:22:19 AM Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. All rights reserved. I’ve been called many names and accused of many things, but when it comes to accusations about being negative on crypto, I don’t want to hear it. 8 High-Risk Stocks to Buy That Are Worth Taking A Chance On, On Dec. 1, 2020, I gave my reason for why, On Jan. 5, I provided the fundamental argument for. With so many meme stocks competing for everyone’s attention, I’m just not sure if enough technical support exists to prevent a necessary correction. It should make you nervous about SOS stock and cryptocurrencies. The analysts also questioned whether SOS had actually purchased mining rigs that it claimed to own, as the entity from which SOS purportedly bought the mining rigs appeared to be a fake … Bearish on cryptocurrencies? The investigation concerns whether SOS and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.Â, [Click here for information about joining the class action]Â, On February 26, 2021, Hindenburg Research ("Hindenburg") and Culper Research ("Culper") released commentary on SOS, claiming that the Company was an intricate "pump and dump" scheme that used fake addresses and doctored photos of crypto miners to create an illusion of success. On February 26, 2021, Hindenburg Research and Culper Research published reports regarding SOS, alleging that the Company was a “pump and dump” scheme that used fake … I think this type of behaviour is quite common in music production training courses and may be a lot bigger than first thought.  The analysts further alleged that the photos SOS had published of their purported "mining rigs" were phony. The complaint alleges that, in truth, SOS is a fraudulent stock promotion scheme that has concealed related party transactions, and has misrepresented the bitcoin mining rigs SOS claimed to … Editor’s Note: This article was updated on March 17 to include more up-to-date information about SOS’ response to accusations from short sellers. The analysts also questioned whether SOS had actually purchased mining rigs that it claimed to own, as the entity from which SOS purportedly bought the mining rigs appeared to be a fake … © 2021 Insider Inc. and finanzen.net GmbH (Imprint). Dogecoin Price Predictions: Will DOGE Trade for Pennies or Dollars in 2021? 76.4% of retail CFD accounts lose money, Registration on or use of this site constitutes acceptance of our, U.S. markets open in 12 minutes 10 seconds, GameStop climbs 4% after saying it plans to elect Reddit favorite Ryan Cohen as chairman », This map shows the highest-paying job in every state ». quotes delayed at least 15 minutes, all others at least 20 minutes. All rights reserved. No, I’m not going full-on bearish. To suggest that SOS is going down and staying down is laughable with the only exception being SOS cooking the books (fraud). 1125 N. Charles St, Baltimore, MD 21201. Nasdaq As for SOS stock, shares have been all over the map. On the date of publication, Josh Enomoto held a long position in BTC. The reports pointed out that SOS lists a hotel room as the company’s headquarters and that SOS purportedly bought mining rigs from a fake shell company. Culper noted that photographs of SOS's "miners" did not depict the A10 Pro machines that the Company claimed to own and instead appeared to show different devices altogether. Charles Clarence Robert Orville Cummings (June 9, 1910 – December 2, 1990) was an American film and television actor known mainly for his roles in comedy films such as The Devil and Miss Jones (1941) and Princess O'Rourke (1943), but who was also … But the latest drama to hit the broader space involving SOS Ltd (NYSE:SOS) is enough to make you rethink not only SOS stock but the decentralized digital market itself. I’m getting nervous about cryptocurrencies. Copyright © 2021 InvestorPlace Media, LLC. The two short-sellers claimed that SOS stock was an intricate “pump and dump” scheme that used fake addresses and doctored photos of crypto miners to … A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. As you may have heard, short-selling research firms have targeted SOS, claiming that the company is nothing more than a shell firm masquerading as a legitimate crypto-mining firm in order to defraud shareholders of their money. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Not surprisingly, law firms are investigating the matter as a possible case of securities fraud. The analysts also questioned whether SOS had actually purchased the claimed mining rigs, as the firm SOS purportedly bought the mining rigs from was a fake shell company. Coinbase IPO: When Does Coinbase Go Public? CONTACT:Robert S. WilloughbyPomerantz LLPrswilloughby@pomlaw.com888-476-6529 ext. 2021 InvestorPlace Media, LLC.  Hindenburg, for its part, found that the original images from SOS's website actually belonged to another company.Â. I get the part that short sellers often have an agenda with their hit pieces. At its peak closing price, the equity unit was nearing $13. What Is the COIN Stock IPO Price Range? NEW YORK, March 12, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of SOS Limited ("SOS" or the "Company") (NYSE: SOS).  Such investors are advised to contact Robert S. Willoughby at  newaction@pomlaw.com or 888-476-6529, ext. But the blockchain can be a shady place. Finally, let’s talk about the accusations. 7980, View original content:https://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-sos-limited---sos-301246289.html, Plus500. Plus, you must watch out for the law of diminishing returns. I think SOS should send one of there top investigators to have a look. At the very least, investors should have been wary about SOS stock, not bidding it up like crazy. The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. The analysts also questioned whether SOS had actually purchased mining rigs that it claimed to own, as the entity from which SOS purportedly bought the mining rigs appeared to be a fake shell company. There’s more than enough evidence of me directing investors to incredibly profitable opportunities in this space. Here’s the crazy part – SOS stock bounced higher following the accusation on Feb. 26. Further, I think my recent record speaks for itself. On this news, SOS's American depositary receipt ("ADR") price fell $1.27 per share, or 21.03%, to close at $4.77 per ADR on February 26, 2021. Also, the underlying blockchain technology can foster intermediary-less dealings in other business sectors. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. Stock quotes by finanzen.net. But the jittery trading in the crypto market proper will have me on the sidelines for now. See www.pomerantzlaw.com. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. However, that doesn’t necessarily mean that I have to like everything about this sector. Article printed from InvestorPlace Media, https://investorplace.com/2021/03/sos-stock-possible-indicator-of-excess-speculation/. SOS stock provides a great example. A basket isn’t going to do it anymore, folks, because Trader Joe’s has been upping its vegan game. 1125 N. Charles St, Baltimore, MD 21201. To those who say that I’m being overly negative about cryptocurrencies, I’d like to remind readers that I was one of the first voices at InvestorPlace to support crypto investments. SOS May Be an Indicator That Speculation Is Out of Control, Analyst Ups Price Target Ahead of the April 14 Coinbase IPO >>> READ MORE, masquerading as a legitimate crypto-mining firm, 7 Biotech Stocks With Catalysts That Go Far Beyond Covid-19 Vaccines, crypto assets were about to explode in 2021, 7 Hot Stocks To Buy for an Explosion in Consumerism, Louis Navellier and the InvestorPlace Research Staff, Matt McCall and the InvestorPlace Research Staff, Today’s Biggest Pre-Market Movers: 10 Top Gainers and Losers on Thursday Morning, Dogecoin’s Moon Shot Is Proof That Elon Musk Runs the Universe Now. 7980. Get today's Lordstown Motors Corp stock price and latest RIDE news as well as Lordstown Motors real-time stock quotes, technical analysis, full financials and more. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. In other words, we’ve become divorced from reality. It depends on multiple variables, including prevailing sentiment. Over time, that tends not to be a good place to park your money. In order to bid up Bitcoin and other hot cryptocurrencies at present levels requires more and more funds. That almost makes no sense. They would have fake buyers in the audience to help part you from your money. All rights reserved. Made In NYC | Also, my pensiveness toward the crypto market now doesn’t mean that I’ll feel the same way tomorrow. Fundamentally, I see tremendous utility for virtual currencies and their potential to spark frictionless global transactions. 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