Crypto Server Company Canaan Defeats Investors’ Stock Fraud Suit

Investors can’t proceed with a proposed class action against Canaan Inc. on claims it misled investors about demand for its cryptocurrency mining equipment.

The investors didn’t show the company’s statements were materially false, made with the requisite level of intent, or of a type that’s subject to legal claims, the US District Court for the Southern District of New York said Monday.

Blockchain computing and hardware companies have faced a number of investor suits in recent years. The Southern District of New York said in January that CleanSpark Inc. investors adequatedly alleged misrepresentations related to its shift from alternative energy …