Tenet Fintech Group Inc. (PKKFF) Misled Investors Regarding its Acquisitions
A class action was filed on behalf of all persons and entities that purchased Tenet Fintech Group Inc. f/k/a Peak Fintech Group Inc. (OTC: PKKFF) securities between September 2, 2021 and October 13, 2021. The complaint alleges violations of the Securities Exchange Act of 1934. Tenet Fintech purports to be the parent company of innovative financial technology subsidiaries operating in China’s commercial lending industry.
According to the complaint, Tenet Fintech, then known as Peak Fintech Group Inc., began trading on the NASDAQ on September 9, 2021. At that time, the Company, through its wholly owned subsidiary Wuxi Aorong Ltd., purportedly owned 51% of Asia Synergy Financial Capital Ltd. (“ASFC”). On September 14, 2021, the Company issued a press release announcing the acquisition of the Heartbeat Insurance Platform from Huayan Kun Tai Technology Company Ltd. However, the Company did not own 51% of ASFC and Huayan did not own the Heartbeat platform.
On September 28, 2021, Tenet Fintech withdrew its Form 40-K filed with the SEC and stated that its common shares would no longer be listed on the NASDAQ. On September 30, 2021, the Company’s shares began trading on the OTC. As a result, the Company’s share price fell over 17%, to close at $7.50 on September 30, 2021.
On October 4, 2021 and again on October 13, 2021, Grizzly Reports published articles challenging the ownership of the Company’s assets and noting suspicious transactions and self-dealing.
If you purchased Tenet Fintech Group Inc. (PKKFF) securities between September 2, 2021 and October 13, 2021, you have until January 18, 2022, to ask the court to appoint you lead plaintiff for the class.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.