NEW YORK--(BUSINESS WIRE)--Pomerantz LLP announces that a class action lawsuit has been filed against Zoompass Holdings, Inc. (“Zoompass” or the “Company”) (OTCMKTS: ZPAS) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, and docketed under 17-cv-03831, is on behalf of a class consisting of investors who purchased or otherwise acquired Zoompass securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Zoompass securities between April 24, 2017 and May 24, 2017, both dates inclusive, you have until July 31, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Zoompass Holdings, Inc. develops a mobile money platform that enables brands to transform their financial interactions with customers. The company also offers mobile money solutions that include international and domestic money transfers, contractor payments, direct payroll deposit, merchant payments, and bill payments.
The Complaint 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) Zoompass unlawfully engaged in a scheme to promote the Company’s stock; (ii) discovery of the foregoing conduct would subject the Company to heightened regulatory scrutiny and potential criminal sanctions; and (iii) that as a result of the foregoing, Zoompass’ public statements were materially false and misleading at all relevant times.
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”.
On May 25, 2017, Seeking Alpha published an article 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 $0.70 or over 23% to close at $2.25 per share on May 25, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com