NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Peak Fintech Group Inc. (“Peak” or the “Company”) (Other OTC: PKKFF) on behalf of Peak stockholders. Our investigation concerns whether Peak has violated the federal securities laws and/or engaged in other unlawful business practices.
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On October 4, 2021, market researcher Grizzly Research published a report alleging discrepancies in Peak's business practices. The report alleged, in relevant part, that: (1) Peak’s acquisition of Heartbeat, a Chinese insurance product management and brokerage platform, was mired in suspicious dealings, in which Peak 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; (3) Peak'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 Peak's acquisition; (4) there was evidence that Peak inflated its reported revenue by up to 112% in recent fiscal years; (5) the CEO of Peak Group China was previously associated with several companies listed on government blacklists in China.
On this news, Peak’s stock price fell $1.31 per share, or 17.4%, to close at $6.19 per share on October 4, 2021.
If you purchased or otherwise acquired Peak shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.