NEW YORK, Oct. 12, 2018 — Pomerantz LLP is investigating claims on behalf of investors of Namaste Technologies Inc. (“Namaste” or the “Company”) (OTCMKTS: NXTTF). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Namaste and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On October 4, 2018, Citron Research (“Citron”) published an article entitled “Namaste: Citron has exposed complete FRAUD that underpins the ‘Business’ of Namaste,” stating 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 as 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.
Following publication of the Citron report, Namaste’s stock price fell $0.19 per share, or roughly 10.5% over the next two trading days, to close at $1.62 per share on October 5, 2018.
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The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz LLP [email protected] 888-476-6529 ext. 9980