GlobeNewswire Inc | May 28, 2021 08:36AM EDT

May 28, 2021

SAN FRANCISCO, May 28, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges SOS Limited (NYSE: SOS) investors to submit their losses now.

Class Period: July 22, 2020 Feb. 25, 2021Lead Plaintiff Deadline: June 1, 2021Visit:www.hbsslaw.com/investor-fraud/SOSContact An Attorney Now:SOS@hbsslaw.com844-916-0895

SOS Limited (SOS) Securities Fraud Class Action:

The complaint centers on SOSs purported entry into the bitcoin mining business. On Jan. 21, 2021, SOS claimed it purchased over 15,000 mining rigs from HY International Group New York (HY), and a month later, claimed that 5,000 mining rigs had gone live.

The complaint alleges that, in truth, SOS has misrepresented the type and/or existence of bitcoin mining rigs SOS claimed to have purchased and concealed related party transactions.

The truth emerged on Feb. 26, 2021, when Hindenburg Research and Culper Research both claimed that SOS was an intricatepump and dumpscheme that used fake addresses and doctored photos of cryptominers to create an illusion of success. The analysts pointed out that the companys SEC filings, for instance,listed a hotel room as the firms headquarters. The analysts also questioned whether SOS had actually purchased the claimed mining rigs, as HY appears to be a fake shell company. Most damaging, the analysts alleged that photos SOS had published of their mining rigs were phony. Culper noted that the photographed SOS minerswerent the A10 Prosthe company claimed to own. Instead, they were pictures of Avalons A1066 miners. Hindenburg further found theoriginal imagesfrom SOSs site belonged to a legitimate rival, RHY.

After the class period, on Mar. 9, 2021 SOS admitted that rig seller HY was formed to preserve the confidentiality of a Chinese seller of used mining rigs.

Then, on Mar. 12, 2021 Culper claimed that SOS board member Wenbin Wu is directly linked to HY and arguing that SOSs supposed desire for confidentiality is in fact a thinly-veiled excuse for fraud via an undisclosed related party transaction.

Media outlets including Stock Telegraph have observed SOSs failure to substantively refute any of Hindenburgs and Culpers allegations, making SOS lose investors confidence.

Were focused on investors losses and proving SOS is a false promotion scheme, said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you are a SOS investor, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding SOS should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SOS@hbsslaw.com.

About Hagens BermanHagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact: Reed Kathrein, 844-916-0895