Lawsuit filed for Investors in shares of Tenet Fintech Group Inc. (OTC: PKKFF)
A lawsuit was filed on behalf of investors in Tenet Fintech Group Inc. (OTC: PKKFF) shares over alleged securities laws violations
Investors who shares of Tenet Fintech Group Inc. (OTC: PKKFF) have certain options and for certain investors are short and strict deadlines running. Deadline: January 18, 2022. OTC: PKKFF investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
On October 4, 2021, market researcher Grizzly Research published a report alleging discrepancies in Tenet's business practices. The report alleged, in relevant part, that: (1) Tenet's acquisition of Heartbeat, a Chinese insurance product management and brokerage platform, was mired in suspicious dealings, in which Tenet paid a company that was not the registered owner of Heartbeat; (2) the actual registered owner of Heartbeat reported zero revenues in 2019 and 2020; and (3) Tenet's statements regarding Heartbeat's growth since 2020 were not substantiated by basic facts, including the fact that Heartbeat's website did not go live until 5 days after Tenet's acquisition.
Shares of Tenet Fintech Group Inc. (OTC: PKKFF) declined from $12.00 per share on September 8, 2021, to $5.83 per share on November 29, 2021.
The plaintiff claims that between September 2, 2021 and October 13, 2021, the defendants made false and/or misleading statements and/or failed to disclose
- that Tenet Fintech did not own 51% of Asia Synergy Financial Capital Ltd. ("ASFC") through Wuxi Aorong,
- that Tenet Fintech did not disclose its actual ownership structure of ASFC, an undisclosed and potentially problematic nominee shareholder agreement,
- that Huayan did not own the Heartbeat platform,
- that the Heartbeat platform did not exist prior to the alleged acquisition,
- that Tenet Fintech faced imminent delisting from NASDAQ due to non-compliance with known regulations,
- that the "recent disclosure guidance" was in fact published on November 23, 2020, nearly a full nine months prior to Tenet Fintech's uplisting,
- that as such, Tenet Fintech knew or should have known that its 40-F submission was deficient,
- that Cubeler historically failed to make even minimum loan repayments to Tenet Fintech,
- that Tenet Fintech, instead of exercising its right on the assets, decided to purchase Cubeler,
- that in light of the foregoing, and in consideration of the fact that Cubeler is owned by several Tenet Fintech insiders, the Company's acquisition of Cubeler is not based on legitimate business interests,
- that there is no evidence Huayan ever owned the Heartbeat platform or that it transferred the asset to Huike,
- that the largest ASFC shareholder had his shares frozen due to court sanctions,
- and that the creation of ASFC itself was likely a related-party transaction.
Those who purchased shares of Tenet Fintech Group Inc. (OTC: PKKFF) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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San Diego, CA 92108
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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