Tenet (PKKFF) $1.2M Shareholder Settlement

The plaintiff has voluntarily dismissed the case, ending the lawsuit.

$1,200,000

Cash Settlement

E.D. New York

Court

1:21-cv-06461

Case number

09/03/2021

Class period Start

10/13/2021

Class period End

Tenet Fintech reached an agreement with $PKKFF investors to settle claims over ASFC ownership, delisting from NASDAQ, and questionable decisions regarding Cubeler and ASFC.

Case Details:

On September 28, 2021, Tenet withdrew its 2019 Form 40-F to meet new SEC guidelines for Chinese-based companies. On this news, $PKKFF was delisted from NASDAQ and dropped more than 17%.

On October 4, 2021, Grizzly Research cast doubt on Heartbeat Insurance Platform's acquisition and alleged self-dealing in Cubeler's acquisition.

Following this, $PKKFF dropped by 17% the same day.

Grizzly Research released a second report on October 13, 2021, disputing the company's response and suggesting ASFC could be a hidden related party transaction.

$PKKFF dropped by 6% on this news.

Based on all these events, Tenet Fintech was accused of the following points:
Tenet misrepresented ownership of Asia Synergy Financial Capital. They failed to disclose key ownership details and compliance issues.
Other issues included the non-existence of the Heartbeat platform before acquisition, delisting from NASDAQ, and questionable business decisions regarding Cubeler and ASFC.
Tenet Fintech reached an agreement with $PKKFF investors to settle claims over the ASFC ownership, NASDAQ delisting and other undisclosed issues.

Case Type

US Securities Class Action

Case Status

Voluntary Dismissed

Alleged Offence

Mismanagement,

Misleading Statements,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

09/30/2021

Filing date

10/25/2023

Plaintiffs

Alejandro Handal

Attorneys

The Rosen Law Firm, P.A.

Defendants

Johnson Joseph, Jean Landreville

Judge

Pamela K. Chen

Trades matching type

FIFO

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