NEW YORK, NY / ACCESSWIRE / November 21, 2021 / Pomerantz LLP is investigating claims on behalf of investors of Peak Fintech Group Inc. ("Peak" or the "Company") (OTC PINK:PKKFF). Such investors are advised to contact Robert S. Willoughby at [email protected]or 888-476-6529, ext. 7980.
The investigation concerns whether Peak and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 4, 2021, market researcher Grizzly Research published a report alleging discrepancies in Peak's business practices. The report alleged, in relevant part, that: (1) Peak's acquisition of Heartbeat, a Chinese insurance product management and brokerage platform, was mired in suspicious dealings, in which Peak paid a company that was not the registered owner of Heartbeat; (2) the actual registered owner of Heartbeat reported zero revenues in 2019 and 2020; (3) Peak's statements regarding Heartbeat's growth since 2020 were not substantiated by basic facts, including the fact that Heartbeat's website did not go live until 5 days after Peak's acquisition; (4) there was evidence that Peak inflated its reported revenue by up to 112% in recent fiscal years; (5) the CEO of Peak Group China was previously associated with several companies listed on government blacklists in China.
On this news, Peak's stock price fell $1.31 per share, or 17.4%, to close at $6.19 per share on October 4, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com.
SOURCE: Pomerantz LLP