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) Regencell was vulnerable and/or subject to market manipulation; (ii) the resulting volatility in the market for the Company’s ordinary shares exposed Regencell’s investors to significant financial risk; (iii) all the foregoing subjected Regencell to a heightened risk of regulatory and/or governmental scrutiny and enforcement action, as well as significant legal, monetary, and reputational harm; and (iv) as a result, Defendants’ public statements were materially false and misleading at all relevant times.