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Why Ideanomics Rises Despite Class Lawsuits

On Friday, Chinese tech firm Ideanomics that aids cities with electric vehicles surged 2.80% to $1.47 on highly demanded 8,849,643 shares of the daily volume. At the beginning of this week, law firms could find some actions of Ideanomics and other companies against acts that are regulated by securities exchange. Then they urged their investors to file action class lawsuits.

What drives IDEX surge higher while it has several issues with regulations? Since the IDEX is one of the penny stocks which shines hope to opportunists who believe in fintech companies linked to green technology.

The current $1.47 IDEX could still rewind its reputation by informing the investors about purchasing multiple EVs for big cities in Asia or North America.