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PKKFF.US
id: 1180

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

Frequently Asked Questions

Who is eligible for this settlement?

All persons who purchased or otherwise acquired Tenet Fintech Group’s publicly traded common stock during the period from September 3, 2021, through October 13, 2021, inclusive, and were damaged thereby​.

Do I have to sell securities to be eligible?

No, if you have purchased securities within the class period, you are eligible to participate.

You can participate in the settlement and retain (or sell) your securities.

How long does the payout process take?

The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.

What is 11thestate?

11thestate is an investor recovery company, we help investors to track and collect securities class action settlements. We will:

  1. Prepare documents for your payout

  2. Audit the claim and make sure you get the maximum possible payout

  3. File a claim with the settlement administration

  4. Correspond with the settlement administration to resolve emerging issues

  5. Deliver payout directly to your brokerage account

There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.