New York, New York--(Newsfile Corp. - November 17, 2021) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Tenet Fintech Group Inc. f/k/a Peak Fintech Group Inc. (NASDAQ: TNT) (OTC Pink: PKKFF) resulting from allegations that Tenet may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Tenet 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 http://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 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.
On this news, Tenet's share price fell over 17%, 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.
On October 13, 2021, market researcher Grizzly Research published a follow-up report providing further details on Tenet's business practices. The follow-up report alleged, in relevant part: (1) Tenet did not actually own 51% of Asia Synergy Financial Capital Ltd. ("ASFC") via a wholly-owned subsidiary; (2) Tenet failed to disclose that a major shareholder of ASFC had his shares frozen by a court sanction; (3) the creation of ASFC involved an undisclosed related party transaction; and (4) Tenet's acquisition of Cubeler, a related party, was not based on legitimate business interests.
On this news, Tenet's share prices dropped by $0.57 per share, or 6%, to close at $7.98 on October 13, 2021, damaging investors.
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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Contact Information:
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
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