May 26, 2021

SOS is a technology company that purportedly provides marketing data, technology, and solutions for emergency rescue services. When the Company went public in April 2017, it was known as “China Rapid Finance Limited” and claimed to focus on a peer-to-peer, micro-lending business. The Company later changed its name to “SOS Limited” in July 2020 and sold its peer-to-peer, micro-lending business in August 2020, rebranding itself into an emergency services business. In January 2021, the Company again shifted its business focus, this time to cryptocurrency mining. Critical to SOS’s purportedly successful transition into a cryptocurrency mining business were the Company’s claims to have entered into an agreement with HY International Group New York Inc. (“HY”), which calls itself the “world’s largest mining machine matchmaker,” to acquire 15,645 mining rigs—i.e., personal computing machines built specifically for cryptocurrency mining—for $20 million, and the Company’s plans to purchase FXK Technology Corporation (“FXK”), a purported Canadian cryptocurrency technology firm. In addition to rapidly changing its business focus, SOS has also rapidly changed the location of its headquarters. According to the Company’s SEC filings, the address of the Company’s principal executive offices has changed no less than five times since the Company went public in April 2017. The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) SOS had misrepresented the true nature, location, and/or existence of at least one of the principal executive offices listed in its SEC filings; (ii) HY and FXK were either undisclosed related parties and/or entities fabricated by the Company; (iii) the Company had misrepresented the type and/or existence of the mining rigs that it claimed to have purchased; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times. On February 26, 2021, Hindenburg Research (“Hindenburg”) and Culper Research (“Culper”) released commentary on SOS, claiming that the Company was an intricate “pump and dump” scheme that used fake addresses and doctored photos of crypto mining rigs to create an illusion of success. The analysts noted, for example, that SOS’s SEC filings listed a hotel room as the Company’s headquarters. The analysts also questioned whether SOS had actually purchased mining rigs that it claimed to own, as the entity from which SOS purportedly bought the mining rigs appeared to be a fake shell company. The analysts further alleged that the photos SOS had published of their purported “mining rigs” were phony. Culper noted that photographs of SOS’s “miners” did not depict the A10 Pro machines that the Company claimed to own and instead appeared to show different devices altogether. Hindenburg, for its part, found that the original images from SOS’s website actually belonged to another company. On this news, SOS’s American depositary share (“ADS”) price fell $1.27 per share, or 21.03%, to close at $4.77 per ADS on February 26, 2021. After the end of the Class Period, between February 27 and March 3, 2021, Hindenburg subsequently provided additional information on SOS that further supported its earlier allegations, including pictures, highlighting, inter alia, how SOS had allegedly taken steps to hide the misconduct noted in the February 26, 2021 corrective disclosures. The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com CONTACT: