Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Namaste Technologies Inc. (Namaste or the Company) (OTC: 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.
Investors suffering losses on their Namaste investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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 things, 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 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.
If you purchased shares of Namaste, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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