ROSEN, A LEADING AND LONGSTANDING LAW FIRM, Encourages Tenet Fintech Group Inc. f/k/a Peak Fintech Group Inc. Investors with Losses to Inquire About Class Action Investigation – TNT, PKKFF - Yahoo Finance

NEW YORK, November 19, 2021--(BUSINESS WIRE)--WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Tenet Fintech Group Inc. f/k/a Peak Fintech Group Inc. (NASDAQ: TNT) (OTC: PKKFF) resulting from allegations that Tenet may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Tenet securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to http://www.rosenlegal.com/cases-register-2169.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

WHAT IS THIS ABOUT: On October 4, 2021, market researcher Grizzly Research published a report alleging discrepancies in Tenet’s business practices. The report alleged, in relevant part, that: (1) Tenet’s acquisition of Heartbeat, a Chinese insurance product management and brokerage platform, was mired in suspicious dealings, in which Tenet paid a company that was not the registered owner of Heartbeat; (2) the actual registered owner of Heartbeat reported zero revenues in 2019 and 2020; and (3) Tenet’s statements regarding Heartbeat’s growth since 2020 were not substantiated by basic facts, including the fact that Heartbeat’s website did not go live until 5 days after Tenet’s acquisition.

On this news, Tenet’s share price fell over 17%, from closing at $7.50 on October 1, 2021, the previous trading day, to close at $6.19 on October 4, 2021 on unusually heavy trading volume.

On October 13, 2021, market researcher Grizzly Research published a follow-up report providing further details on Tenet’s business practices. The follow-up report alleged, in relevant part: (1) Tenet did not actually own 51% of Asia Synergy Financial Capital Ltd. ("ASFC") via a wholly-owned subsidiary; (2) Tenet failed to disclose that a major shareholder of ASFC had his shares frozen by a court sanction; (3) the creation of ASFC involved an undisclosed related party transaction; and (4) Tenet’s acquisition of Cubeler, a related party, was not based on legitimate business interests.

source: https://finance.yahoo.com/news/rosen-leading-longstanding-law-firm-171000028.html

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