Shareholders with $50,000 losses or more are encouraged to contact the firm.
The Law Offices of Frank R. Cruz reminds investors of the upcoming July 19, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Humbl LLC (“Humbl” or the “Company”) (OTC: HMBL) common stock and/or the unregistered Humbl ETX securities between November 21, 2020 and May 19, 2022, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On May 20, 2021, Hindenburg Research published a research report which alleged, among other things, that basic features of Humbl’s Pay App were not functioning, and that there was no way to send, receive, and request money between users. Furthermore, the report also stated that many merchants using the Humbl marketplace were not actually using Humbl.
On this news, Humbl’s stock fell $0.22, or 22.4%, to close at $0.76 on May 20, 2022, thereby injuring investors.
Then, on February 14, 2022, Humbl announced that it was suspending its Exchange Traded Index (“ETX”) subscription program.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the HUMBL Pay App did not have even the basic functionality that it promised investors; and (2) that several of its hyped international business partnerships had a very low chance of contributing material revenues to the Company’s bottom line; and (3) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Humbl securities during the Class Period, you may move the Court no later than July 19, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220715005086/en/