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Stock in Singularity Future Technology Ltd. lost most of its value after revelations emerged that its CEO was wanted in China for conducting a massive Ponzi scheme, an investor says in a proposed class action.

The security went from about $8 per share, just before a key report by Hindenburg Research in May, to $1.13 per share in November, Piero Crivellaro says. He filed his complaint Dec. 9 in the US District Court for the Eastern District of New York. The November slide, the last in a series, occurred after Singularity disclosed criminal and civil investigations by the US Securities …