Namasta, Inc. (NXTTF) Accused of Making Materially False and Misleading Statements
Purchasers of Namasta, Inc. (NXTTF) have filed a class action complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between November 29, 2017 and October 4, 2018. Namasta, Inc. (NXTTF) announced that it had signed a stock purchase agreement to sell its wholly owned U.S. subsidiary, Dollinger Enterprises US Inc., in order to focus on the legal cannabis markets. According to the complaint, Namaste failed to disclose that it had sold Dollinger to Namaste insider executives. On October 4, 2018, Citron Research published an article revealing that the company had entered into an “undisclosed related party” transaction with Namaste executive David Hughes. On this news, shares of Namaste stock fell over 10.5% on October 5, 2018.
Namasta, Inc. (NXTTF) Shareholders Have Legal Options
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