SAN FRANCISCO, February 05, 2021 (GLOBE NEWSWIRE) – Hagens Berman urges Triterras, Inc. (NASDAQ: TRIT) investors with significant losses at submit your losses now. A securities fraud class action lawsuit has been filed and some investors may have some interesting claims.
Triterras, Inc. (TRIT) Securities Class Action:
The complaint concerns the accuracy of statements by Triterras and senior management regarding the company’s dependence and financial condition of Rhodium Resources, a company controlled by Triterras CEO Srinivas Koneru.
Specifically, according to the complaint, the defendants made misleading statements or covered up (1) the extent to which Triterras’ revenue growth depended on Rhodium’s credentials, (2) Rhodium’s dire financial situation, and (3) that ‘As a result Rhodium was likely to refer fewer users to the business.
Investors began to learn the truth, according to the complaint, on December 17, 2020 when Triterras announced that Rhodium was seeking a moratorium to protect itself from creditors while planning to restructure its debts and continue operations. This news caused the stock price of Triterras to drop.
Most recently, January 14, 2021, Phase 2 partners published a report titled “Is Triterras (TRIT) the Wirecard of Blockchain? Among others, Phase 2 highlighted its concerns regarding (1) undisclosed related party transactions and (2) certain accounting matters Phase 2 consider them to be “red flags”. In response, the price of Triterras shares collapsed again.
“We focus on the losses of investors and prove that Triterras intentionally misled them about Rhodium’s financial position,” said Reed Kathrein, Hagens Berman’s partner leading the investigation.
If you are a Triterras investor and have significant losses or have knowledge that can help the investigation of the company, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Those with non-public information regarding Triterras should consider their options to assist with the investigation or take advantage of the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards totaling up to 30% of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities across the country and eighty lawyers. The firm represents investors, whistleblowers, workers and consumers in complex litigation. To learn more about the company and its successes, visit hbsslaw.com. For the latest news, visit our writing or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895