Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Triterras, Inc. and Encourages Investors to Contact the Firm Before February 19, 2021
NEW YORK, Jan. 15, 2021 (GLOBE NEWSWIRE) – Law firm Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern Borough of New York on behalf of those who acquired Triterras. Inc. (“Triterras” or the “Company”) (NASDAQ: TRIT, TRITW) securities for the period from August 20, 2020 to December 16, 2020 (the “Class Period”). Investors have until February 19, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
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 per share, or approximately 31%, from $ 13.20 per share to $ 9.09 per share on December 17, 2020 amid unusually high trading volumes. The company’s warrant price fell $ 1.09 per warrant, or approximately 35%, and closed at $ 2.01 per warrant on December 17, 2020 amid unusually high trading volumes.
The lawsuit alleges that throughout the classroom, defendants made materially false and / or misleading statements and failed to 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.
If you have purchased or otherwise acquired Triterras securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, via email at investigations @ kmllp. com or by filling out this contact form to discuss your rights or interests in relation to these matters at no cost to you.
Kirby McInerney LLP is a New York-based law firm focused on securities, antitrust, whistleblower and consumer litigation. The company’s efforts on behalf of shareholders in securities litigation have resulted in total recoveries of $ billion. For more information about the company, please visit the Kirby McInerney LLP website: http://www.kmllp.com.
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Kirby McInerney LLP
Thomas W. Elrod, Esq.