Singularity Future Technology $5.8 Million Securities Settlement, What Investors Need to Know

Singularity Future Technology Ltd. (formerly Sino-Global Shipping America Ltd., NASDAQ: SGLY) has agreed to pay $5.8 million in cash to resolve a securities lawsuit brought by investors who alleged the company and certain executives made false or misleading statements about its business, transactions, joint ventures and pivot into cryptocurrency-related operations.

The settlement is not final yet. A first settlement was rejected without prejudice in March 2026. The parties then signed an amended settlement on June 22, 2026, which the court preliminarily approved on September 10, 2026. The final fairness hearing is set for January 25, 2027.

Investors should not treat the $5.8 million as money that is available to claim today. The court must still decide whether to give final approval.

Quick Facts: Singularity Future Technology Securities Settlement

Detail	Information
Case	Gao et al. v. Singularity Future Technology Ltd., et al. (originally filed as Crivellaro v. Singularity Future Technology Ltd.)
Case number	1:22-cv-07499-BMC
Court	U.S. District Court, Eastern District of New York
Judge	Brian M. Cogan
Filed	December 9, 2022
Claims	Sections 10(b) and 20(a) of the Securities Exchange Act of 1934
Amended settlement	$5,800,000 in cash
Amended agreement signed	June 22, 2026
Preliminary approval	September 10, 2026
Final fairness hearing	January 25, 2027
Final approval	Not yet granted
Class period (original settlement notice)	February 2, 2021 to February 24, 2023
Claim deadline for amended settlement	Not verified. Check the new court-authorized notice.

Singularity disclosed the amended settlement in SEC filings and stated that it is not an admission of wrongdoing, fault or liability.

What Is the Singularity Securities Lawsuit About?

In 2021, Singularity shifted from shipping and logistics toward cryptocurrency mining and related technology. Investors later alleged that the company’s public statements about that strategy, and about several transactions, were misleading, and that the stock fell sharply after the truth emerged.

The case was filed on December 9, 2022 in the Eastern District of New York. It alleges violations of federal securities law by the company and certain executives. It is often referred to by the caption Gao et al. v. Singularity, reflecting the court-appointed lead plaintiffs, though the docket began as Crivellaro v. Singularity Future Technology Ltd.

What the Court Allowed to Proceed

In a December 17, 2024 decision, Judge Cogan narrowed the case. Only certain statements about Golden Mainland and Rich Trading were found sufficient to support securities-fraud claims against Singularity and then-CEO Yang Jie at the motion-to-dismiss stage. Other theories, including those involving the CEO’s background, internal controls, the crypto-mining plans, private offerings and the Thor joint venture, were dismissed.

Golden Mainland: the complaint alleged Singularity described it as an electricity-services company with significant power-resource rights, while facts questioned its operations and infrastructure.

Rich Trading: the complaint alleged Singularity described it as a computer-equipment trading company, but that it lacked the represented business activity and that its CEO was the husband of Singularity’s then-CFO.

These were rulings on whether the claims could proceed. They were not findings that Singularity committed securities fraud.

What Happened to the First Settlement?

The $5.8 million deal is the second settlement in this case.

• July 13, 2025: Singularity and the lead plaintiffs signed an original settlement combining cash and company shares. The court preliminarily approved it on July 30, 2025, and a notice and claim process ran, with a claim deadline of January 16, 2026.
• March 9, 2026: After a fairness hearing, the court denied final approval without prejudice and also denied related motions on attorney fees, the escrow agreement and the proposed share issuance.
• June 22, 2026: The parties signed an amended settlement that supersedes the original.

What Does the Amended $5.8 Million Settlement Include?

Singularity agreed to pay $5,800,000 in cash, including the $2,000,000 already deposited in escrow. The remainder was structured in payments: $1.5 million after execution and $2.3 million within 60 days after that.

Singularity reported completing the $1.5 million payment in July 2026 and the final $2.3 million on September 8, 2026. Reports also indicate the agreement includes a confession-of-judgment mechanism as a protection if payment terms are not met.

Funding the settlement does not make it final. Court approval is still required.

Has the Settlement Been Approved?

Preliminary approval only. On September 10, 2026, the court preliminarily approved the amended settlement and set the schedule. Final approval has not been granted. Singularity’s own filings state there is no guarantee the court will approve the amended agreement.

A preliminary approval order is a step in the court’s review. It is not the final judgment.

Who Is Covered?

The notice for the original settlement covered anyone who purchased or otherwise acquired Singularity securities between February 2, 2021 and February 24, 2023. The original complaint described a shorter period (roughly February 2021 to November 2022), and Singularity’s SEC filings describe common-stock purchasers in that earlier window.

Because the original settlement was rejected and replaced, investors should rely on the court-authorized notice for the amended settlement to confirm the operative class definition.

Is There a Claim Form or Claim Deadline?

This is where investors should be careful.

The January 16, 2026 claim deadline belonged to the original settlement, which the court did not finally approve. We could not verify from primary sources whether claims submitted under the original process will carry over to the amended settlement, or whether a new claim window will open.

Investors should therefore:

• Not assume the old deadline is the current one, or that it is now closed
• Not assume a new deadline exists until the amended notice says so
• Check the settlement website and the amended notice for current claim, exclusion and objection instructions

The January 25, 2027 date is the fairness hearing, not a claim deadline. These are different dates:

• a deadline to request exclusion
• a deadline to object
• a deadline to submit a claim
• the final approval hearing

Can Investors Object or Opt Out?

Potentially, yes, if they are class members and follow the requirements in the new court-approved notice. Because exclusion can affect your rights, consider reviewing the actual notice and speaking with a securities attorney about your situation.

What Happens Next?

The next major event is the January 25, 2027 fairness hearing, where the court is expected to decide whether the amended settlement is fair, reasonable and adequate.

• If approved: the case is dismissed under the settlement terms and the fund moves toward administration and distribution to eligible claimants.
• If denied or terminated: the underlying litigation may resume. Singularity has stated it intends to keep defending the case if the settlement is not finalized.

What Does the Settlement Mean for Investors?

The $5.8 million is not an automatic payment to each investor. The fund is generally reduced by court-approved attorney fees, expenses, notice and administration costs, and any service awards, and the remainder is distributed under a court-approved allocation method. The original settlement notice described a pro rata distribution among valid claimants; confirm the amended terms in the new notice.

Tax note: Securities settlement payments are generally treated as a recovery of investment loss, which may affect your cost basis or prior loss reporting, and any interest may be taxable. Consult a tax professional.

Keep your records: Save brokerage statements and trade confirmations showing purchases and sales of Singularity stock, since they may be needed to calculate a payment.

Administrator contact (from the original notice): Simpluris, Inc., 1-844-496-0761. Confirm current details on the official settlement website.

Looking at other investor cases? See AllAboutLawyer’s coverage of the AppLovin Securities Class Action.

Key Dates

Date	Event
December 9, 2022	Securities lawsuit filed in E.D.N.Y.
December 17, 2024	Court rules on motions to dismiss; certain claims survive
July 13, 2025	Original settlement agreement signed
July 30, 2025	Original settlement preliminarily approved
January 16, 2026	Claim deadline under the original settlement
March 9, 2026	Court denies final approval of original settlement without prejudice
June 22, 2026	Amended $5.8M settlement signed
July 2026	Additional $1.5M paid
September 8, 2026	Final $2.3M paid
September 10, 2026	Amended settlement preliminarily approved
January 25, 2027	Final fairness hearing

Frequently Asked Questions

Is the Singularity $5.8 million settlement final?

No. The court granted preliminary approval on September 10, 2026. The final fairness hearing is January 25, 2027.

How much is Singularity paying?

$5,800,000 in cash, including the $2,000,000 previously placed in escrow.

What is the case number?

1:22-cv-07499-BMC, in the U.S. District Court for the Eastern District of New York.

Who filed the lawsuit?

Investors filed on December 9, 2022. It began as Crivellaro v. Singularity Future Technology Ltd. and is also captioned Gao et al. v. Singularity Future Technology Ltd.

What did the lawsuit allege?

That Singularity and certain executives made false or misleading statements about transactions, joint ventures and its business plans. The court later allowed certain Golden Mainland and Rich Trading claims to proceed past dismissal.

Did Singularity admit wrongdoing?

No. The company stated the amended settlement is not an admission of wrongdoing, fault or liability.

Who is eligible?

The original notice covered purchasers of Singularity securities from February 2, 2021 to February 24, 2023. Confirm the class definition in the amended settlement notice.

Is there a claim deadline now?

A deadline for the amended settlement has not been verified. The January 16, 2026 deadline applied to the original settlement.

When is the final approval hearing?

January 25, 2027.

What if the settlement isn’t approved?

The lawsuit may resume, and Singularity has said it intends to continue defending it.

What should investors do now?

Keep trading records and watch the official settlement website and court-authorized notice for current instructions.

Sources

1. Singularity Future Technology Ltd., Form 8-K on the June 22, 2026 Amended Settlement Agreement: https://www.sec.gov/Archives/edgar/data/0001422892/000121390026074223/ea0296728-8k_singularity.htm
2. Singularity Future Technology Ltd., Form 424B5 prospectus supplements describing the settlement history: https://www.sec.gov/Archives/edgar/data/0001422892/000121390026092429/ea0302988-424b5_singularity.htm
3. Singularity Future Technology Ltd., Form 10-Q describing the original settlement terms: https://www.sec.gov/Archives/edgar/data/0001422892/000121390026056602/ea0290112-10q_singularity.htm
4. Official settlement website (Simpluris, Inc.): https://www.singularitysecuritiessettlement.com/
5. Simpluris, Inc., notice of proposed class action settlement (PR Newswire): https://www.prnewswire.com/news-releases/if-you-purchased-or-otherwise-acquired-shares-of-singularity-future-technology-ltd-fka-sino-global-shipping-america-ltd-singularity-between-february-2-2021-and-february-24-2023-you-may-be-eligible-to-participate-in-a–302531419.html
6. U.S. District Court, E.D.N.Y., Gao et al. v. Singularity Future Technology Ltd., No. 1:22-cv-07499-BMC, memorandum decision of December 17, 2024

Disclaimer: This article is for general informational purposes only and is not legal or investment advice. AllAboutLawyer.com is not a law firm. Securities lawsuit allegations are not findings of liability, and the amended settlement remains subject to final court approval.