SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP is investigating HUMBL, Inc. (OTC: HMBL) and its officers and directors to determine whether they breached their fiduciary duties and violated securities laws by misrepresenting the basic functionality of the HUMBL Pay App and the materiality of the Company's international business partnerships. HUMBL is a mobile financial services company that offers: (i) a mobile app that allows peers, consumers, and merchants to connect; (ii) a mobile marketplace that allows consumers and merchants to connect more seamlessly in the digital economy; and (iii) financial products and services, targeted for simplified investing on the blockchain.
If you would like more information about our investigation of HUMBL, Inc.'s misconduct, click here.
What is this Case About: According to the complaint filed against HUMBL, HUMBL began trading publicly on November 12, 2020, after a reverse merger with Tesoro Enterprises, Inc. During the class period, defendants made false and misleading statements. Specifically, they failed to disclose that the HUMBL Pay App did not have the basic functionality promised to investors and that several of the Company's hyped international business partnerships had a very low chance of contributing material revenues to the Company's bottom line. Defendants also sold a series of highly speculative unregistered securities called BLOCK Exchange Traded Index ("ETXs") products. These products purported to "simplify digital asset investing" for customers seeking exposure to cryptocurrency investments. In reality, they were unregistered securities that were collateralized by a variety of highly speculative and risky digital assets.
On April 25, 2022, the price of the Humbl common stock hit a low of $0.11 per share, down from a price high of $6.84 during the class period, which it has not been able to recover. Likewise, the price of BLOCK ETX has dropped over 87% from its height during the Class Period and has not recovered.
Next Steps: If you acquired shares of HUMBL, Inc. (HMBL) common stock and/or the unregistered HUMBLE TX securities between November 21, 2020 and May 19, 2022, you have legal options. Contact Robbins LLP for more information.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against HUMBL Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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