NEW YORK, March 10, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of HUB Cyber Security (Israel) Ltd. (“HUB” or the “Company”) (NASDAQ: HUBC). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether HUB and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 5, 2023, Mount Rainier Acquisition Corp. (“Mount Rainier”), a special-purpose acquisition company (“SPAC”), announced that its stockholders had voted to approve its proposed business combination with HUB (the “Merger”). Mount Rainier stated that “[t]he business combination is expected to close in late January 2023, subject to the satisfaction of certain customary closing conditions” and that HUB’s securities were expected to be listed on the Nasdaq “effective at the consummation of the business combination.” Then, on January 26, 2023, Hub issued a press release announcing “that following the receipt of all approvals and compliance with the conditions for the expected merger with Mount Rainier Acquisition Corp and transition to trading on the Nasdaq stock exchange,” the Company expected its shares and warrants to begin trading on the Nasdaq on February 28, 2023, representing a delay of nearly one month from Mount Rainier’s earlier announcement that the Merger would close in late January. HUB has stated that the postponement was due to the withdrawal of an investor, the Clover Wolf hedge fund, from participation in the private investment in public equity (“PIPE”) fundraising conducted in connection with the Merger. Since the consummation of the Merger on February 28, 2023, HUB’s share price has fallen sharply, damaging investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
