OAKLAND, Calif.–(BUSINESS WIRE)–Triterras, Inc. shares fell 31% today after announcing in an SEC filing that closely-related company Rhodium Resources (recently renamed Antanium Resources) received a statutory demand for payment from one of its creditors. Gibbs Law Group is investigating a potential Triterras Securities Class Action Lawsuit on behalf of investors who lost money in Triterras, Inc. (NASDAQ:TRIT).
To speak with an attorney regarding this class action lawsuit investigation, click here, or call (888) 410-2925.
On Thursday, December 17, 2020, Triterras, Inc. disclosed in an SEC filing that former sister company Rhodium Resources Pte. Ltd. received a statutory demand for payment by one of its creditors on December 1, 2020. According to news reports, per Singaporean law, Rhodium must respond to the demand within 21 days or else risk the creditor filing a bankruptcy application against it.
Although Triterras stated that it previously relied on Rhodium for nearly all of its user referrals when launching its Kratos platform in June of 2019, and Rhodium accounted for 26.5% of Triterras’s revenue for its fiscal year ending in February 29, 2020, Triterras claims the percentage of its revenues from Rhodium has dwindled to “less than 10%” for the period since August 31, 2020.
Triterras and Rhodium were formerly sister companies until Netfin Acquisition Corp. merged with Triterras on July 29, 2020. However, both Triterras and Rhodium continue to be “under the control” of founder and CEO Srinivas Koneru, according to Triterras’s December 17, 2020 SEC filing.
On the news of Triterras’s disclosure regarding Rhodium, Triterras’s stock price plummeted 31% on December 17, 2020, causing significant harm to investors.
What Should Triterras Investors Do?
If you invested in Triterras, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Triterras, Inc. has violated federal securities laws and failed to disclose information pertinent to investors.
About Gibbs Law Group
Gibbs Law Group represents individual and institutional investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” and “Top Cybersecurity/ Privacy Attorneys Under 40.”
This press release may constitute Attorney Advertising in some jurisdictions under the applicable law and ethical rules.