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LOS ANGELES, December 01, 2021--(BUSINESS WIRE)--Glancy Prongay & Murray LLP ("GPM"), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Tenet Fintech Group Inc. f/k/a Peak Fintech Group Inc. ("Tenet" or the "Company"), (OTC: PKKFF, NASDAQ: TNT) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Tenet investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/tenet-fintech-group-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
On September 28, 2021, Tenet withdrew its Form 40-F for the period ended December 31, 2019 "while it works to comply with recent disclosure guidance provided by the SEC for companies either based in China or with the majority of their operations in China."
On this news, the Company’s shares were delisted from NASDAQ and began trading over-the-counter – the price fell $1.59, or over 17%, from closing at $9.09 on September 20, 2021 to open at $7.50 per share on September 30, 2021.
Then on October 4, 2021, Grizzly Research published a report alleging that the acquisition of Heartbeat Insurance Platform, a Chinese insurance product management and brokerage platform, was rife with factual inaccuracies and suspicious transactions. The report also refuted the Company’s claim that it owns 51% of Asia Synergy Financial Capital Ltd. ("ASFC") through its wholly-owned subsidiary and alleged that its acquisition of Cubeler Inc. "evidence[d] self-dealing."
On this news, the Company’s stock price fell $1.31 per share, or 17.4%, to close at $6.19 per share on October 4, 2021, thereby injuring investors.
Then, on October 13, 2021, Grizzly Research published another report, rebutting the Company’s response to the original report. Among other things, this report presented evidence suggesting that ASFC was an undisclosed related party transaction.
On this news, the Company’s share price fell $0.57, or 6%, to close at $7.98 per share on October 13, 2021.
Whistleblower Notice: Persons with non-public information regarding Tenet should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the 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 Charles H. Linehan at 310-201-9150 or 888-773-9224 or email email@example.com.
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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