NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Zoompass Holdings, Inc. (“Zoompass” or the “Company”) (OTC:ZPAS).
The investigation focuses on whether the Company and its executives violated federal securities laws by engaging in a potentially illegal stock promoting scheme. Specifically, on May 25, 2017, an article published on Seeking Alpha made reference to a Company’s press release published on May 9, 2017, to allege that the Company is currently engaging in a pump-and-dump scheme. The Seeking Alpha article claims that the Company’s stock price increased exponentially for no apparent reason until May 9, 2017 during which Company allegedly paid $2 million Sargon Finance SA in order to promote the stock.
On this news, Zoompass’s share price fell from $3.64 per share on May 9, 2017 to a closing price of $1.97 on May 12, 2017—a $1.67 or a 45.9% drop.
If you invested in Zoompass stock or options and would like to discuss your legal rights, click here: www.faruqilaw.com/ZPAS. There is no cost or obligation to you.
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