The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Triterras, Inc. f/k/a Netfin Acquisition Corp. (TRIT, TRITW)
THE ANGEL–(BUSINESS WIRE) – Frank R. Cruz Law Firm is reminding investors of the upcoming February 19, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors representing Triterras, Inc. (“Triterras” or bought the “company”). ) f / k / a securities of Netfin Acquisition Corp. (“Netfin”) (NASDAQ: TRIT, TRITW) between August 20, 2020 and December 16, 2020 inclusive (the “Class Period”).
If you are a shareholder who has suffered a loss, click here to participate.
Triterras is a fintech company focused on trade and trade finance. The company operates Kratos, a commodities trading and trade finance platform that connects commodity traders directly online with trading and raising capital from lenders. Triterras was created through the merger of Netfin and Triterras Fintech Pte. Ltd. (“Triterras Fintech”), which closed on November 11, 2020 (the “Merger”).
Rhodium Resources Pte. Ltd. (“Rhodium”) is a commodities trading business controlled by Srinivas Koneru, the company’s Chief Executive Officer (“CEO”). Rhodium enabled the Kratos platform to launch, and essentially all of the company’s users were referred to it by Rhodium.
On December 17, 2020, Triterras stated that Rhodium was seeking a moratorium to protect itself from creditors’ actions while it planned to restructure its debt and continue to do business.
In that news, the company’s share price fell $ 4.11, or 31%, and closed at $ 9.09 per share on December 17, 2020 due to unusually high trading volume. The company’s warrant price fell $ 1.09, or 35%, to close at $ 2.01 per warrant on December 17, 2020 in an unusually high trading volume.
The complaint filed in this class action alleges that throughout the class period, defendants made materially false and / or misleading statements and did not disclose material adverse facts about the company’s business, business and prospects. Specifically, Defendants have failed to advise investors: (1) To what extent the company’s revenue growth was based on Triterras’ relationship with Rhodium to refer users to the Kratos platform. (2) that Rhodium faced significant financial liabilities that threatened its ability to continue doing business. (3) As a result, Rhodium would likely be referring fewer users to the company’s Kratos platform. and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and / or unfounded.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased or otherwise acquired Triterras securities during the class period, you may request the court to appoint you as the lead plaintiff in this alleged class action no later than February 19, 2021. To be a member of the class action, you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action or have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Frank R. Cruz of the Frank R. Cruz law firms, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067, 310-914-5007, email firstname.lastname@example.org or visit our website at www.frankcruzlaw.com. When inquiring by email, please include your mailing address, telephone number and number of shares purchased.
This press release may be viewed as a solicitor advertisement in some jurisdictions under applicable laws and ethical rules.