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The filed complaint alleges that Smart Digital Group Limited made materially false and/or misleading statements and/or failed to disclose that: (1) SDM was the subject of a market manipulation and fraudulent promotion scheme involving social-media based misinformation and impersonators posing as financial professionals; (2) insiders and/or affiliates used and/or intended to use offshore or nominee accounts to facilitate the coordinated dumping of shares during a price inflation campaign; (3) SDM’s public statements and risk disclosures omitted any mention of realized risk of fraudulent trading or market manipulation used to drive the Company’s stock price; (4) as a result, SDM securities were at unique risk of a sustained suspension in trading by either or both of the SEC and NASDAQ; and (5) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis.
In order to be eligible to join the SDM class action lawsuit, you must have incurred a loss on shares of Smart Digital Group Limited purchased during the class period listed above.
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