Tenet Fintech Group Inc. f/k/a Peak Fintech Group Inc.

Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of purchasers of the securities of Tenet Fintech Group Inc. f/k/a Peak Fintech Group Inc. (OTC: PKKFF) (NASDAQ: TNT) between September 2, 2021 and October 13, 2021, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for Tenet Fintech investors under the federal securities laws.

If you purchased Tenet Fintech securities between September 2, 2021 and October 13, 2021and would like to join the action, please click “Join This Class Action.”

Class Period:September 2, 2021 through October 13, 2021
If you purchased Tenet Fintech securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

Details of the case:

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:

  • Tenet Fintech did not own 51% of Asia Synergy Financial Capital Ltd. (“ASFC”) through Wuxi Aorong;
  • Tenet Fintech did not disclose its actual ownership structure of ASFC, an undisclosed and potentially problematic nominee shareholder agreement;
  • Huayan did not own the Heartbeat platform;
  • the Heartbeat platform did not exist prior to the alleged acquisition;
  • Tenet Fintech faced imminent delisting from NASDAQ due to non-compliance with known regulations;
  • the “recent disclosure guidance” was in fact published on November 23, 2020, nearly a full nine months prior to Tenet Fintech’s uplisting;
  • as such, Tenet Fintech knew or should have known that its 40-F submission was deficient;
  • Cubeler historically failed to make even minimum loan repayments to Tenet Fintech;
  • Tenet Fintech, instead of exercising its right on the assets, decided to purchase Cubeler;
  • in light of the foregoing, and in consideration of the fact that Cubeler is owned by several Tenet Fintech insiders, the Company’s acquisition of Cubeler is not based on legitimate business interests;
  • there is no evidence Huayan ever owned the Heartbeat platform or that it transferred the asset to Huike;
  • the largest ASFC shareholder had his shares frozen due to court sanctions; and
  • the creation of ASFC itself was likely a related-party transaction.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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