NEW YORK, Oct. 10, 2018 — Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Namaste Technologies Inc. (“Namaste” or the “Company”) (OTCMKTS: NXTTF) between November 29, 2017 and October 4, 2018, both dates inclusive (the “Class Period”). The lawsuit seeks to recover Namaste shareholders’ investment losses.
If you purchased Namaste securities, and/or would like to discuss your legal rights and options, please visit Namaste Shareholder Class Action Lawsuit or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) Namaste had sold its wholly-owned U.S. subsidiary to Namaste executives; (2) consequently, Namaste did not sell its U.S. subsidiary in an arm’s length transaction; and (3) as a result, Defendants’ statements about the Company’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On October 4, 2018, Citron Research published a report titled, “Namaste: Citron has exposed complete FRAUD that underpins the ‘Business’ of Namaste,” stating that CEO “[Sean] Dollinger said he sold [an] asset to an arm’s length party… but it was really sold to David Hughes who has been with Namaste since Feb 2015 (and Paul Burn who has been with Namaste since 2016).” The report further states that “Namaste has lied to its shareholders, Canadian Regulators, US Regulators; and most of all has attempted to hide US assets from the Justice Department in an attempt to obtain a US listing.”
On this news, Namaste stock fell $0.19 per share, or over 10%, over the next two trading days to close at $1.62 per share on October 5, 2018, damaging investors.
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If you wish to serve as lead plaintiff, you must move the Court no later than December 5, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Namaste securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/namaste-technologies-inc-nxttf-lawsuit-class-action-fraud-stock-87/ or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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