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PKKFF.US
id: 1180

Tenet (PKKFF) $1.2M Shareholder Settlement

E.D. New York
Court
1:21-cv-06461
Case number
03 Sept 2021
Class period Start
13 Oct 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 Status
Stipulative Settlement
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Filing date
25 October 2023
Plaintiffs
Alejandro Handal
Attorneys
The Rosen Law Firm, P.A.
Defendants
Johnson Joseph, Jean Landreville
Judge
Pamela K. Chen
Trades matching type
FIFO
+$1,200,000
Cash Settlement Amount

Frequently Asked Questions

Tenet Fintech Group Inc.

Tenet Fintech Group Inc., through its subsidiaries, provides various analytics and AI-based services to small-and-medium businesses and financial institutions. It offers Business Hub, a global ecos...

    Ticker
    PKKFF.US
    ISIN
    CA70470F3088
    CIK
    1558924
    Sector
    Technology
    Industry
    Software - Infrastructure
    Country
    USA
    Address
    119 Spadina Avenue, Toronto, ON, Canada, M5V 2L1