NEW YORK, Oct. 08, 2018 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all persons or entities who purchased or otherwise acquired Namaste Technologies Inc. (Other OTC: NXTTF) securities between November 29, 2017 and October 4, 2018 (the “Class Period”). Investors have until December 5, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that, 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.
On October 4, 2018, Citron Research published a report entitled, “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 also alleges 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, shares of Namaste fell over 4.3%, closing at $1.73 per share on October 4, 2018.
If you purchased Namaste securities during the Class Period or continue to hold shares purchased before the Class Period, have information, 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 Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Namaste lawsuit, please go to https://bespc.com/namaste/. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com.
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com