IDEANOMICS Recognized as “Obvious Fraud” by Financial Analyst Company

On Aug 11, 2020, local time, New York, the law firm Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Ideanomics in the United States District Court for the Southern District of New York, on behalf of a class consisting of all persons and entities who purchased shares of Ideanomics, Inc. (NASDAQ: IDEX) between March 20, 2020, and June 25, 2020.

Lead Plaintiff, a California resident, Rene Aghajanian stated that he acquired and held shares of Ideanomics’ common stock at artificially inflated prices during the Class Period, and has been damaged by the revelation of Ideanomics’ material misrepresentations and material omissions.

Through its social media account, Hindenburg Research, a forensic financial research company, reported on June 25, 2020, that based on the research analyst they believe Ideanomics “is an egregious & obvious fraud”, because they have found out Ideanomics fabricated the launch of its EV sales center, and its press release used doctored photos and plagiarized videos from social media platforms. 

After visiting the supposed “sales center”, Hindenburg’s investigator also found out the facility is actually operated by almost 100 sales groups. None of those they spoke with heard of Ideanomics or the EV brand. A Hindenburg investigator contacted five of Ideanomics’ alleged customers to learn more about its EV business; no one knew about Ideanomics and no one confirmed doing business with them. 

According to the report, Ideanomics has a history of changing business models and a “pumping-then-dumping” strategy to manipulate its stock share price. To alert the stock buyers, Hindenburg stated they have watched Ideanomics stock pump and dump on a never-ending stream of press releases over the last 5 years and they expect this time will be no different, resulting in major shareholder losses or regulatory intervention.

Hindenburg Research concluded that Ideanomics has engaged in flagrant securities fraud and that its stock will wind up in the pennies or be halted by regulators.

Miles Guo, during his Aug 21 live broadcast, revealed that besides swindling American investor’s money through stock market manipulation, Bruno Wu uses the U.S. listed companies to conduct money laundering for the Chinese Communist Party’s kleptocrats families, such as the Jiang Zemin family, Zhu Rongji family, and Wang Qishan family.