NEW YORK, Jan. 6, 2022 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Tenet Fintech Group Inc. (f/k/a Peak Fintech Group Inc. (“Tenet” or the “Company”) (OTCMKT: PKKFF) (NASDAQ: TNT). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Tenet and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On September 14, 2021, Tenet issued a press release announcing the acquisition of the Heartbeat Insurance Platform (“Heartbeat”).
Then, on September 21, 2021, Tenet issued a press release stating that the Nasdaq Capital Market (“NASDAQ”) and the U.S. Securities and Exchange Commission (“SEC”) advised the Company that the review of its Form 40-F registration statement was taking longer than originally expected. As such, trading of the Company’s shares on the NASDAQ was temporarily halted.
On September 28, 2021, Tenet issued a press release stating that it had voluntarily withdrawn its Form 40-F registration statement filed with the SEC “while it works to comply with recent disclosure guidance provided by the SEC for companies either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” and that “the Company’s common shares will no longer be listed on the [NASDAQ] as of immediately prior to market open on Thursday September 30, 2021.” Accordingly, on September 30, 2021, Tenet’s shares began trading on the OTC under the ticker symbol “PKKFF.”
As a result of delisting from the NASDAQ, the Company’s share price fell $1.59 per share, or over 17%, from closing at $9.09 per share on September 20, 2021, to open at $7.50 per share on September 30, 2021.
On October 1, 2021, Tenet issued a press release announcing the acquisition of Cubeler Inc. (“Cubeler”).
Then, on October 4, 2021, market analyst Grizzly Reports published a report discussing and analyzing the Company (the “Analyst Report”). Among other things, the Analyst Report alleged that the Company’s acquisition of Heartbeat was rife with factual inaccuracies and suspicious transactions, that that the Company’s acquisition of Cubeler “evidence[d] self-dealing”, and that, contrary to Tenet’s prior assertions, the Company did not own Asia Synergy Financial Capital Ltd. (“ASFC”).
On October 5, 2021, Tenet published a question and answer responding to specific allegations in the Analyst Report (the “Q&A Response”). In the Q&A Response, Tenet’s Chief Executive Officer purported to debunk the allegations in the Analyst Report.
Then, on October 13, 2021, Grizzly Reports published a rebuttal report to the Company’s Q&A Response (the “Rebuttal Report”). The Rebuttal Report expanded on the original Analyst Report regarding the Company’s purported ownership in ASFC, including, among other issues, that the creation of ASFC was an undisclosed related party transaction.
On this news, Tenet’s share price fell $0.57 per share, or 6%, to close at $7.98 per share on October 13, 2021
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP