Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Ideanomics, Inc. (“Ideanomics” or the “Company”) (NASDAQ: IDEX) to determine whether Ideanomics engaged in securities fraud or other unlawful business practices. 

Ideanomics investors who purchased, or otherwise acquired, the Company’s common stock between March 20, 2020 and June 25, 2020 (the “Class Period”) and suffered losses greater than $100,000 are encouraged to complete Kehoe Law Firm’s Securities Class Action Questionnaire or contact Kevin Cauley, Director, Business Development, (215) 792-6676, Ext. 802, [email protected],  to discuss the securities investigation or potential legal claims.

According to a class action complaint filed on behalf of investors of Ideanomics, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Defendants, allegedly, failed to disclose to investors (1) that Ideanomics’ MEG Center in Qingdao was not “a one million square foot EV expo center”; (2) that the Company had been using doctored or altered photographs of the purported MEG Center in Qingdao; (3) that the Company’s electric vehicle business in China was not performing nearly as strong as Ideanomics had represented; and (4) that, as a result, the Company’s public statements were materially false and misleading at all relevant times.

On June 25, 2020, SeekingAlpha reported (“Ideanomics sinks as Hindenburg says it’s short”) that “Ideanomics . . .  falls 13.6% to $2.67 after Hindenburg Research says it’s short and sees shares heading towards the March lows of $0.30.” According to SeekingAlpha, “[t]he short seller accuses Ideanomics of doctoring vehicle photos in press releases to suggest that it owned or operated the facility, which is actually operated by almost 100 unrelated sales groups.”

On this news, Ideanomics stock price fell approximately 21% in a day, down to $2.44 per share from the Company’s June 24, 2020 close of $3.09 per share. During intraday trading on June 26, 2020, shares of Ideanomics were down over 40%, trading at $1.20 per share.

Kehoe Law Firm, P.C.