San Francisco, California--(Newsfile Corp. - January 21, 2021) - Hagens Berman urges Triterras, Inc. (NASDAQ: TRIT) investors with significant losses to submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims.
Triterras, Inc. (TRIT) Securities Class Action:
The complaint centers on the accuracy of Triterras' and senior managements' statements concerning the company's dependence on- and the financial condition of- Rhodium Resources, a business controlled by Triterras CEO Srinivas Koneru.
More specifically, according to the complaint, Defendants made misleading statements about or concealed (1) the extent to which Triterras revenue growth depended on referrals from Rhodium, (2) Rhodium's dire financial condition, and (3) that as a result Rhodium was likely to refer fewer users to the company.
Investors began to learn the truth, according to the complaint, on Dec. 17, 2020 when Triterras announced Rhodium was seeking a moratorium to shield itself from creditors while planning to restructure debts and continue business as a going concern. This news sent the price of Triterras shares crashing lower.
Most recently, on Jan. 14, 2021, Phase 2 Partners published a report entitled "Is Triterras (TRIT) the Wirecard of Blockchain?" Among other things, Phase 2 highlighted its concerns over (1) undisclosed related party transactions, and (2) certain accounting matters Phase 2 considers to be "red flags." In response, the price of Triterras shares crashed lower again.
"We're focused on investors' losses and proving Triterras intentionally misled them about the financial condition of its admitted material related party, Rhodium, when and after the company went public," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a Triterras investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Triterras should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email TRIT@hbsslaw.com.
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