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NEW YORK, Dec.22, 2020 (GLOBE NEWSWIRE) – Law firm Kirby McInerney LLP announces that a class action lawsuit has been filed in U.S. District Court for the Southern District of New York on behalf of those who acquired Triterras, Inc . (“Triterras” or the “Company”) (NASDAQ: TRIT) during the period of August 20, 2020 to December 16, 2020 (the “Class Period”). Investors have until February 19, 2021 to ask the court to be named the lead plaintiff in the lawsuit.
Triterras is a financial technology company focused on trade and trade finance. It operates Kratos, a commodities trading and trade finance platform that connects commodities traders to trade and seek capital from lenders directly online. Triterras was formed by the merger of Netfin and Triterras Fintech Pte. Ltd. (“Triterras Fintech”), which closed on November 11, 2020 (the “Merger”).
Rhodium Resources Pte. Ltd. (“Rhodium”) is a commodities trading company controlled by Srinivas Koneru, Chief Executive Officer (“CEO”) of the Company. Rhodium enabled the launch of the Kratos platform, and almost all of the Company’s users were referred to it by Rhodium. On December 17, 2020, Triterras said Rhodium was seeking a moratorium to protect itself from actions by creditors as it planned to restructure its debts and continued as a going concern.
At this news, the company’s stock price fell $ 4.11, or about 31%, to close at $ 9.09 per share on December 17, 2020, on unusually high trading volume. The price of the company’s warrants fell $ 1.09, or 35%, to close at $ 2.01 per warrant on December 17, 2020, due to unusually high trading volume.
The lawsuit alleges that throughout the litigation period, the defendants made materially false and / or misleading statements, as well as failed to disclose material adverse facts about the business, operations and prospects of the company. Specifically, the defendants did not disclose to investors: (1) the extent to which the company’s revenue growth relied on Triterras’ relationship with Rhodium to refer users to the Kratos platform; (2) that Rhodium was faced with significant financial liabilities which compromised its ability to continue operating; (3) that as a result, Rhodium was likely to refer fewer users to the Company’s Kratos platform; and (4) that as a result of the foregoing, the positive statements by the defendants regarding the business, operations and prospects of the company were substantially misleading and / or lacked reasonable basis.
If you have purchased or acquired Triterras securities, have any information or would like to know more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at [email protected], or by completing this contact form, to discuss your rights or interests in relation to these matters at no cost to you.
Kirby McInerney LLP is a New York-based plaintiff law firm specializing in securities, antitrust, whistleblower and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional company information is available on the Kirby McInerney LLP website: http://www.kmllp.com.
This press release may be considered an advertisement for lawyers in certain jurisdictions under applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-371-6600
https://www.kmllp.com
[email protected]
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