On June 3, 2020, analyst Grizzly Research published a scathing report alleging that China-based Hebron Technology is an “insider enrichment scheme without economic basis.” In its report, Grizzly Research cited questionable transactions including an undisclosed related-party transaction of nearly $26 million. The report further stated “we believe HEBT is a stock manipulation scheme that engaged in undisclosed related party acquisitions and undisclosed private placement transactions that have artificially inflated the stock price.”
On the publication of the Grizzly Research report, shares of HEBT fell from their June 2, 2020 closing price of $22.55 per share to a June 4, 2020 close of $11.78 per share, a drop of approximately 48%.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York.
Investors who have lost money on their Hebron shares may be able to recover some of those losses, and should contact us using the form below.