NEW YORK, Dec 22, 2020 (GLOBE NEWSWIRE) – Law firm Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for New York’s Southern District on behalf of the recipients Triterras, Securities Inc. (“Triterras” or “Company”) (NASDAQ: TRIT) in the period from 20 August 2020 to 16 December 2020 (the “Class Time”). Investors until February 19, 2021 must apply to the Court to be appointed as the main plaintiff in the lawsuit.
Triterras is a fintech company with a focus on trade finance and commerce. It operates Kratos, a commodity trading and finance platform that connects commodity traders to trade and obtain capital from lenders directly online. Triterras created through the merger of Netfin and Triterras Fintech Pte. Limited (“Triterras Fintech”), which closed on 11 November 2020 (the “unification”).
Rhodium Resources Pte. Rhodium Limited is a commodity trading business controlled by Srinivas Koneru, Chief Executive Officer of the Company (“Chief Executive”). Rhodium allowed the launch of the Kratos platform, and Rhodium largely passed on to the Company’s customers. On December 17, 2020, Triterras said that Rhodium was seeking a moratorium to protect itself from the actions of creditors while intending to restructure its debt and continue the business as a business. continuous.
On this news, the Company’s share price fell $ 4.11, or about 31%, to close at $ 9.09 per share on December 17, 2020, on an unusually heavy trading volume. The Company’s warranty price fell $ 1.09, or 35%, to close at $ 2.01 per guarantee on December 17, 2020, on an unusually heavy trading volume.
The lawsuit alleges that Defendants, during class time, made false and / or misleading statements, as well as not disclosing false facts about the Company’s business, operations and expectations. In particular, defenders failed to inform investors: (1) the extent to which the Company’s revenue growth depended on Triterras ’relationship with Rhodium to direct users to the Kratos platform ; (2) that Rhodium had significant financial burdens that jeopardized its ability to continue as a going concern; (3) as a result, Rhodium appeared to be bringing fewer users to the Company’s Kratos platform; and (4) that, as a result of what has been said, the Defendants’ forward-looking statements about the Company’s business, operations and expectations were partially misleading and / or unreasonable.
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 de Kirby McInerney LLP at 212-371-6600, emailed at [email protected], or by completing this contact form, to discuss your rights or interests in these matters at no cost to you.
Kirby McInerney LLP is a New York-based planning law firm that focuses on securities, trust, spy and consumer law. The company’s efforts on behalf of shareholders in a securities lawsuit have resulted in the recovery of billions of dollars. Further information about the company can be found on the Kirby McInerney LLP website: http://www.kmllp.com.
This press release may be considered as an Advertising Lawyer in some jurisdictions under applicable law and ethical rules.
Please contact
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-371-6600
https://www.kmllp.com
[email protected]