The Law Offices of Frank R. Cruz announces an investigation of Tenet Fintech Group Inc. f/k/a Peak Fintech Group Inc. (“Tenet” or the “Company”) (OTC: PKKFF, NASDAQ: TNT) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On September 28, 2021, Tenet withdrew its Form 40-F for the period ended December 31, 2019 “while it works to comply with recent disclosure guidance provided by the SEC for companies either based in China or with the majority of their operations in China.”
On this news, the Company’s shares were delisted from NASDAQ and began trading over-the-counter – the price fell $1.59, or over 17%, from closing at $9.09 on September 20, 2021 to open at $7.50 per share on September 30, 2021.
Then on October 4, 2021, Grizzly Research published a report alleging that the acquisition of Heartbeat Insurance Platform, a Chinese insurance product management and brokerage platform, was rife with factual inaccuracies and suspicious transactions. The report also refuted the Company’s claim that it owns 51% of Asia Synergy Financial Capital Ltd. (“ASFC”) through its wholly-owned subsidiary and alleged that its acquisition of Cubeler Inc. “evidence[d] self-dealing.”
On this news, the Company’s stock price fell $1.31 per share, or 17.4%, to close at $6.19 per share on October 4, 2021, thereby injuring investors.
Then, on October 13, 2021, Grizzly Research published another report, rebutting the Company’s response to the original report. Among other things, this report presented evidence suggesting that ASFC was an undisclosed related party transaction.
On this news, the Company’s share price fell $0.57, or 6%, to close at $7.98 per share on October 13, 2021.
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If you purchased Tenet securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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The Law Offices of Frank R. Cruz Announces Investigation of Tenet Fintech Group Inc. f/k/a Peak Fintech Group Inc. (PKKFF, TNT) on Behalf of Investors