LOS ANGELES–(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.
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