BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Zoompass Holdings, Inc. (“Zoompass” or the “Company”) securities (OTCQB: ZPAS) between April 24, 2017 and May 24, 2017, both dates inclusive (the “Class Period”). Zoompass investors have until July 31, 2017 to file a lead plaintiff motion.
Investors that suffered losses on their Zoompass investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On May 9, 2017 Zoompass disclosed that it had been “made aware of and requested by the OTC Markets Group, Inc. to comment on recent trading and potential promotional activity.” Following this announcement, shares fell $1.67 or over 45% over three trading sessions.
Then, on May 25, 2017, an article was published on SeekingAlpha.com alleging that Zoompass had erroneously denied its involvement with a scheme designed to promote Zoompass’ stock; and that Zoompass had purposely kept hidden the fact that the Company’s CEO was involved in a pump-and-dump scheme. On this news, shares of Zoompass fell over 23% to close at $2.25 per share on May 25, 2017.
The complaint filed in this class action lawsuit alleges that throughout the Class Period, Defendants made materially false and misleading statements, and failed to disclose that: (1) Zoompass unlawfully engaged in a scheme to promote its stock; (2) discovery of the foregoing conduct would subject Zoompass to heightened regulatory scrutiny and potential criminal sanctions; and (3) that as a result, Zoompass’ public statements were materially false and misleading at all relevant times.
If you purchased Zoompass during the Class Period you may move the Court no later than July 31, 2017 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit the website at www.howardsmithlaw.com.
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