Shares of SuperX AI Technology Limited (NASDAQ: SUPX) plunged more than 24% in intraday trading on September 5, 2025, after short-seller J Capital Research released a scathing report alleging the company is “pretending it’s in AI.”

The report details a series of red flags, prompting an investigation by Hagens Berman into whether the company has violated U.S. securities laws. The firm urges SUPX investors who suffered significant losses to contact the firm now.

SUPX, which was founded as an interior design company, has recently rebranded itself as an AI firm specializing in server design and software solutions.

But JCap’s report, titled “SUPX: The design and fit-out company pretending it’s in AI with photoshopped logos, copied specs, and empty announcements about undisclosed related parties,” alleges that the company’s AI pivot is a “pump-and-dump” scheme orchestrated by Chinese property developers.

The report claims that SUPX’s supposed AI products are “likely digitally altered images with plagiarized specifications,” and that recent announcements of a “$200 mln ‘superfactory’” and a “‘Japanese AI Supply Center’” have shown no progress. JCap further alleges that the company’s partnerships and acquisitions, such as with PanaAI and MindEnergy, are “undisclosed related parties” and “empty shells.”

On this news, SUPX shares have declined sharply.

Hagens Berman’s Investigation

JCap’s stunning allegations of “AI washing” have prompted an investigation by Hagens Berman. As part of its probe, the firm is examining whether Super X AI misled investors about its business and products.

“The JCap report has raised a number of serious concerns, from allegedly falsified product images and plagiarized specs to undisclosed related-party transactions, which are at the heart of our investigation,” said Reed Kathrein, the Hagens Berman partner leading the investigation. “We’re focused on determining whether the company engaged in securities fraud and, if so, holding them accountable for investors’ losses.”

If you invested in SuperX AI and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »

If you’d like more information and answers to frequently asked questions about the SuperX AI investigation, read more »

Whistleblowers: Persons with non-public information regarding SuperX AI should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SUPX@hbsslaw.com.

About Hagens Berman

Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.

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