NEW YORK, October 5, 2021 (BUSINESS WIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Peak Fintech Group Inc. (NASDAQ: TNT) (OTC: PKKFF) resulting from allegations that Peak may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Peak securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://www.rosenlegal.com/cases-register-2169.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: On October 4, 2021, market researcher Grizzly Research published a report alleging discrepancies in Peak's business practices. The report alleged, in relevant part, that: (1) Peak's acquisition of Heartbeat, a Chinese insurance product management and brokerage platform, was mired in suspicious dealings, in which Peak 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; (3) Peak'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 Peak's acquisition; (4) there was evidence that Peak inflated its reported revenue by up to 112% in recent fiscal years; (5) the CEO of Peak Group China was previously associated with several companies listed on government blacklists in China.
On this news, Peak's share price fell over 17.4%, from closing at $7.50 on October 1, 2021, the previous trading day, to close at $6.19 on October 4, 2021 on unusually heavy trading volume.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20211005006240/en/
SOURCE: The Rosen Law Firm, P.A.
COMTEX_394635297/1006/2021-10-05T19:40:00
Copyright Business Wire 2021
10/05/2021 07:40 PM ET Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 lrosen@rosenlegal.com pkim@rosenlegal.com cases@rosenlegal.com www.rosenlegal.com