Glancy Prongay & Murray LLP (GPM) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired Namaste Technologies Inc. (Namaste or the Company) (OTCMKTS: NXTTF) securities between November 29, 2017 and October 4, 2018, inclusive (the Class Period). Namaste investors have until December 5, 2018 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On October 4, 2018, Citron Research published an article claiming that the Company had entered into an “undisclosed related party” transaction. The Citron report alleged, among other issues, that Namaste’s Chief Executive Officer had falsely “promised investors a Nasdaq listing” and had falsely represented that Namaste had divested the Company of its U.S. assets in a sale to an “arm’s length” purchaser, when the purchaser was in reality a Namaste executive. On this news, shares of Namaste fell $0.19 per share, or nearly 10.5% over the next two trading days, to close at $1.62 on October 5, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Companys business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Namaste failed to disclose that it had sold its wholly-owned U.S. subsidiary to Namaste executives; (ii) consequently, Namaste did not sell its U.S. subsidiary in an arms length transaction; and (iii) as a result, Namastes public statements were materially false and misleading at all relevant times.
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If you purchased shares of Namaste during the Class Period you may move the Court no later than December 5, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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