LOS ANGELES, Jan. 04, 2022 (GLOBE NEWSWIRE) -- The Law Offices of Frank R. Cruz reminds investors that class action lawsuits have been filed on behalf of shareholders of the following publicly-traded companies. Investors have until the deadlines listed below to file a lead plaintiff motion.
Investors suffering losses on their investments are encouraged to contact The Law Offices of Frank R. Cruz to discuss their legal rights in these class actions at 310-914-5007 or by email to fcruz@frankcruzlaw.com.
StoneCo Ltd. (NASDAQ: STNE)
Class Period: March 11, 2021 – November 16, 2021
Lead Plaintiff Deadline: January 18, 2022
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that StoneCo was experiencing difficulties in implementing its credit product; (2) that StoneCo faced significant risks via its point-of-sale vendor, PAX Global Technology Ltd.; (3) that, as a result of the foregoing, the Company’s financial results would be adversely impacted; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Zhangmen Education Inc. (NYSE: ZME)
Class Period: June 5, 2021 – November 19, 2021
Lead Plaintiff Deadline: January 18, 2022
The complaint filed in this class action alleges that the Registration Statement failed to disclose that: (a) the People’s Republic of China (“PRC”) authorities were in the process of implementing sweeping new regulatory reforms on the private education industry in China including, among others, prohibitions on: (i) profit-making by private education companies, (ii) engaging in core-curriculum tutoring on weekends and vacations, and (iii) capital-raising by companies like Zhangmen; (b) the known risks, events, and uncertainties noted in the Registration Statement were reasonably likely to have a material adverse effect on Zhangmen’s business; and (c) based on the foregoing, the statements in the Registration Statement concerning Zhangmen’s historical financial performance, market demand, and industry trends were materially incomplete, inaccurate, and misleading.
Citrix Systems, Inc. (NASDAQ: CTXS)
Class Period: January 22, 2020 – October 6, 2021
Lead Plaintiff Deadline: January 18, 2022
The complaint filed alleges that, throughout the Class Period, the defendants made materially false and/or misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the cloud product was substantially similar to the on-premise offering; and (ii) that the Company was experiencing significant challenges transitioning customers from on-premise to the cloud.
Tenet Fintech Group Inc. (OTC: PKKFF, NASDAQ: TNT)
Class Period: September 2, 2021 – October 13, 2021
Lead Plaintiff Deadline: January 18, 2022
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company did not own 51% of ASFC through Wuxi Aorong; (2) the Company did not disclose its actual ownership structure of ASFC, an undisclosed and potentially problematic nominee shareholder agreement; (3) Huayan did not own the Heartbeat platform; (4) the Heartbeat platform did not exist prior to the alleged acquisition; (5) the Company faced imminent delisting from NASDAQ due to non-compliance with known regulations; (6) the “recent disclosure guidance” was in fact published on November 23, 2020, nearly a full nine months prior to the Company’s uplisting; (7) as such, the Company knew or should have known that its Form 40-F submission was deficient; (8) Cubeler historically failed to make even minimum loan repayments to the Company; (9) the Company, instead of exercising its right on the assets, decided to purchase Cubeler; (10) in light of the foregoing, and consideration of the fact that Cubeler is owned by several Company insiders, the acquisition of Cubeler is not based on legitimate business interests; the largest ASFC shareholder had his assets frozen due to court sanctions; (11) the creation of ASFC itself was likely a related party transaction; and (12) as a result of the foregoing, defendants’ public statements were materially false and/or misleading at all relevant
Follow us for updates on Twitter: twitter.com/FRC_LAW.
To be a member of these class actions, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about these class actions, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
