The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Humbl LLC (HMBL) Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Humbl LLC (“Humbl” or the “Company”) (OTC: HMBL) common stock and/or the unregistered Humbl ETX securities between November 21, 2020 and May 19, 2022, inclusive (the “Class Period”). Humbl investors have until July 18, 2022 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On May 20, 2021, Hindenburg Research published a research report which alleged, among other things, that basic features of Humbl’s Pay App were not functioning, and that there was no way to send, receive, and request money between users. Furthermore, the report also stated that many merchants using the Humbl marketplace were not actually using Humbl.

On this news, Humbl’s stock fell $0.22, or 22.4%, to close at $0.76 on May 20, 2022, thereby injuring investors.

Then, on February 14, 2022, Humbl announced that it was suspending its Exchange Traded Index (“ETX”) subscription program.

The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the HUMBL Pay App did not have even the basic functionality that it promised investors; and (2) that several of its hyped international business partnerships had a very low chance of contributing material revenues to the Company’s bottom line; and (3) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased Humbl common stock during the Class Period, you may move the Court no later than July 18, 2022 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 purchased Humbl common stock, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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