SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit has been filed in the Southern District of New York on behalf of purchasers or acquirers of Triterras, Inc. (NASDAQ: TRIT; TRITW) securities between August 20, 2020 and December 16, 2020, inclusive (the “Class Period”). The case is captioned Ferraiori v. Triterras, Inc., No. 20-cv-10795, and is assigned to Judge Cathy Seibel. The Triterras class action lawsuit charges Triterras and certain of its executives with violations of the Securities Exchange Act of 1934.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Triterras securities during the Class Period to seek appointment as lead plaintiff in the Triterras class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Triterras class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Triterras class action lawsuit. An investor’s ability to share in any potential future recovery of the Triterras class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Triterras class action lawsuit or have questions concerning your rights regarding the Triterras class action lawsuit, please provide your information here or contact counsel, Jennifer Caringal of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at jcaringal@rgrdlaw.com. Lead plaintiff motions for the Triterras class action lawsuit must be filed with the court no later than February 19, 2021.
Triterras is a fintech company focused on trade and trade finance. Triterras operates Kratos, a commodity trading and trade finance platform that connects commodity traders to trade and source capital from lenders directly online.
Rhodium Resources Pte. Ltd. (“Rhodium”) is a commodity trading business headquartered in Singapore. It is controlled by Srinivas Koneru, Triterras’s Chief Executive Officer. Rhodium enabled the launch of the Kratos platform and substantially all of Triterras’s users were referred to it by Rhodium. As a result, the two entities have entered into an origination agreement to incentivize Rhodium to continue to refer its commodity trading customers to Kratos in exchange for fixed payments to Rhodium at the time a referred customer meets total transaction volume requirements for a given period.
The Triterras class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose: (1) the extent to which Triterras’s revenue growth relied on Triterras’s relationship with Rhodium to refer users to the Kratos platform; (2) that Rhodium faced significant financial liabilities that jeopardized its ability to continue as a going concern; (3) that, as a result, Rhodium was likely to refer fewer users to Triterras’s Kratos platform; and (4) that, as a result of the foregoing, defendants’ positive statements about Triterras’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On December 17, 2020, Triterras stated that Rhodium was seeking a moratorium to shield itself from creditor actions while it planned a restructuring of its debts and continue its business as a going concern. On this news, Triterras’s share price fell approximately 31% while Triterras’s warrant price fell approximately 35%.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations, and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.
