Glancy Prongay & Murray LLP Reminds Investors of the Deadline in the Class Action Lawsuit Against Namaste Technologies Inc.
LOS ANGELES, Nov. 27, 2018 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the December 5, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Namaste Technologies Inc. (“Namaste” or the “Company”) (OTC: NXTTF ) securities between November 29, 2017 and October 4, 2018, inclusive (the “Class Period”). Namaste investors have until December 5, 2018 to file a lead plaintiff motion.
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On October 4, 2018, Citron Research published an article claiming 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 a 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. On this news, shares of Namaste fell $0.19 per share, or nearly 10.5% over two trading days, to close at $1.62 on October 5, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Namaste failed to disclose that it had sold its wholly-owned U.S. subsidiary to Namaste executives; (ii) consequently, Namaste did not sell its U.S. subsidiary in an arm’s length transaction; and (iii) as a result, Namaste’s public statements were materially false and misleading at all relevant times.
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If you purchased shares of Namaste, you may move the Court no later than December 5, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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