Singularity $8.53M Securities Class Action Settlement

Shareholders who purchased or otherwise acquired Singularity Future Technology Ltd. (formerly Sino-Global Shipping America Ltd.) securities due to alleged violations of federal securities laws may be eligible to claim a cash payment from a class action settlement.

Singularity Future Technology Ltd. agreed to pay at least $6.25 million, and potentially up to $8.53 million or more, to settle a class action lawsuit alleging it and certain executives misled investors about the value and benefits of various transactions, joint ventures and business plans, including its transition from a logistics company to a cryptocurrency mining and hardware development business.

Who is eligible to file a claim?

Class members must meet the following criteria:

They purchased or otherwise acquired Singularity securities between Feb. 2, 2021, and Feb. 24, 2023, inclusive.
They suffered damages as a result of the alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

Both individuals and entities can be class members. X

How much is the securities payout?

The total settlement fund is at least $6.25 million, with the potential to increase to $8.53 million or more depending on the sale price of Singularity common stock provided as part of the settlement.

The settlement administrator will calculate each claimant’s payment based on several factors:

The total number of valid claims the administrator receives
The number of Singularity securities each claimant purchased or acquired
The dates of each purchase, acquisition and sale during the class period
The total recognized claim amount for all claimants

The settlement is distributed on a pro rata basis according to a court-approved plan of allocation:

The average distribution per common share will depend on the total number of valid claims and the final sale value of Singularity’s settlement shares. Each claimant’s payment may be higher or lower based on their individual recognized claim.
The administrator calculates each claimant’s payment using a recognized loss formula that considers when they bought and sold Singularity securities and how long they held them during periods of alleged artificial inflation.

Class members who sold all shares before May 5, 2022, have a recognized loss amount of $0.
Class members who sold shares between May 5, 2022, and Feb. 23, 2023, have a recognized loss equal to the lesser of (1) the amount of artificial inflation at purchase minus the inflation at sale or (2) the purchase price minus the sale price.
Class members who sold shares between Feb. 24, 2023, and May 24, 2023, (the 90-day lookback period) have a recognized loss equal to the least of (1) the inflation at purchase, (2) the purchase price minus the sale price or (3) the purchase price minus the 90-day lookback value on the sale date, which ranged from $0.59 to $0.64 per share.
Class members who held shares through May 24, 2023, have a recognized loss equal to the lesser of (1) the inflation at purchase or (2) the purchase price minus the average closing price of $0.61 per share during the 90-day lookback period.
Class members who purchased shares on or after Feb. 24, 2023, have a recognized loss amount of $0.

The administrator will limit total recovery for all call and put option transactions to 1% of the fund.
The administrator will reduce all payments on a pro rata basis if total recognized claims exceed the fund.
Claimants whose calculated payment is less than $10 will not receive a payout.

How to claim a settlement payment

Class members can file a claim online or download, print, and complete the PDF claim form to complete and mail it to the settlement administrator. The claim deadline is Jan. 16, 2026.

Settlement administrator's mailing address: Gao et al. v. Singularity Future Technology Ltd. et al., Claims Administrator, P.O. Box 25191, Santa Ana, CA 92799

Proof or documentation required to submit a claim

All class members must provide their Social Security or taxpayer identification number.
They must also provide detailed purchase, acquisition and sale information, including:

Trade dates
Number of shares purchased, acquired or sold
Purchase, acquisition and sale prices per share
Total purchase, acquisition and sale amounts (excluding taxes, commissions and fees)

Claimants must provide documentation to support their transactions in Singularity securities. Acceptable forms of proof include:

Broker confirmation slips
Monthly or quarterly account statements
Authorized statements from a broker containing the same information as a confirmation slip
Other documentation the settlement administrator deems adequate

Up to $8.53 million settlement fund

The $6,250,000 to $8,530,000 settlement fund includes:

Notice and administration costs: To be determined
Attorneys’ fees: Up to $2,843,333
Attorneys’ expenses: Up to $300,000
Service awards: Up to $20,000 total
Payments to eligible class members: The remainder of the fund

Important dates

Deadline to request exclusion: Dec. 3, 2025
Fairness hearing: Dec. 17, 2025
Deadline to file a claim: Jan. 16, 2026

When is the Singularity securities settlement payout date?

The settlement administrator will issue payments to eligible class members after it resolves all appeals and processes all claims and the court grants final approval of the settlement.

Why is there a class action settlement?

The class action lawsuit alleged Singularity and certain executives misled investors about the benefits and value of various transactions, joint ventures and business plans related to the company’s move into cryptocurrency mining and hardware.

The defendants denied all allegations of wrongdoing and liability but agreed to settle to avoid the costs, risks and delays of further litigation.