Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Ideanomics, Inc. (IDEX)

NEW YORK, July 01, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Ideanomics, Inc. (“Ideanomics” or the “Company”) (NASDAQ: IDEX) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the securities of Ideanomics between March 20, 2020 and June 25, 2020, inclusive (the “Class Period”).  The lawsuit seeks to recover damages for Ideanomics investors under the federal securities laws.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) Ideanomics’ Mobile Energy Global (MEG) Division (the “MEG Center”) in Qingdao was not “a one million square foot EV expo center”; (ii) the Company had been using doctored or altered photographs of the purported MEG Center in Qingdao; (iii) the Company’s electric vehicle business in China was not performing nearly as strong as Ideanomics had represented; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.  According to the suit, these true details were disclosed by market research firms.

Investors who purchased or otherwise acquired shares of Ideanomics during the Class Period should contact the Firm prior to the August 27, 2020 lead plaintiff motion deadline.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].

Please visit our website at http://www.gme-law.com for more information about the firm.