Lawsuit filed for Investors in shares of Verus International, Inc. (OTC: VRUS)
A lawsuit was filed on behalf of investors in Verus International, Inc. (OTC: VRUS) shares over alleged securities laws violations
Investors who purchased shares of Verus International, Inc. (OTC: VRUS) have certain options and for certain investors are short and strict deadlines running. Deadline: June 22, 2021. OTC: VRUS investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Gaithersburg, MD based Verus International, Inc. supplies consumer food products in the Middle East, North Africa, sub-Saharan Africa, the United Arab Emirates, Oman, Bahrain, Qatar, the Kingdom of Saudi Arabia, Kuwait, and the United States.
Verus International, Inc. (OTC: VRUS) was purportedly the fourth fastest growing consumer products food company at the end of 2019, which included its acquisitions of the Big League Foods and a controlling interest in NutriBrands.
On April 3, 2020, Verus International, Inc. (OTC: VRUS) announced the acquisition of a controlling 51% interest in ZC Top Apparel Manufacturing, Inc., (“ZTAM”), a purported Philippines-based manufacturer of reusable N95 fabric masks and biohazard suits. Verus International, Inc. stated that it was “providing the funding and other resources” to begin fulfilling pending governmental orders on an expedited basis and that “protective gear could eclipse all of [Verus’s] existing revenue sources.”
However, in the weeks and months that followed, Verus International, Inc. (OTC: VRUS) revealed, that the rollout of sample masks and other PPE were encountering “logistical issues”, that Verus International, Inc. needed to secure a facility in Vietnam, seemingly unrelated to ZTAM, to produce sample masks months after the announcement, and that , ZTAM Chief Executive Officer (“CEO”) Ronald Ian Bilang (“Bilang”) cryptically tweeted about a potential escalation of regulatory investigations, involvement of the Office of International Affairs (“OIA”) and continued deafening silence from Verus and defendants.
On October 8, 2020, Verus International, Inc. announced that the Company issued a “Repayment and Notice of Rescission of Transaction” to ZTAM, as a result of “failure of contractual performance and breach of contract.” According to the press release, ZTAM did not register Verus’s “controlling interest of 51%” as required under the term sheet dated April 3, 2020.
The plaintiff claims that between June 17, 2019 and October 8, 2020, the defendants made false and/or misleading statements and/or failed to disclose that Verus lacked the requisite resources, infrastructure and/or expertise to exploit its Big League Foods brand and its Major League Baseball (MLB) license, that the Company issues in production ramp-up were not fully resolved to enable the Company to fulfill customer orders, that as a result, the Company’s prospects and outlook were not as represented, that the Company’s internal controls for financial reporting and accounting were not sufficient with specific respect to stock-based compensation and classification of equity instruments, that as a result, the Company’s financial results, outlook and prospects were materially worse than represented, and that as a result of the foregoing, the Company’s public statements were materially false and misleading at all relevant times.
Those who purchased shares of Verus International, Inc. (OTC: VRUS) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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