Cases
Zoompass Holdings, Inc. (OTC: ZPAS)
Securities Class Action
Overview
Overview
- Date:
- 5/31/2017
- Company Name:
- Zoompass Holdings, Inc.
- Stock Symbol:
- ZPAS
- Class Period:
- FROM 4/24/2017 TO 5/24/2017
- Status:
- Closed/Complete
- Court:
- U.S. Bankruptcy Court: District of New Jersey
NEW YORK, May 31, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities who acquired Zoompass Holdings, Inc. (OTC: ZPAS) securities between April 24, 2017 and May 24, 2017 (the “Class Period”).
On May 9, 2017 Zoompass disclosed that it had been “made aware of and requested by the OTC Markets Group, Inc. to comment on recent trading and potential promotional activity.” Following this announcement, shares fell $1.67 per share, or over 45%, over three trading days.
On May 25, 2017, an article was published on SeekingAlpha.com alleging that Zoompass had erroneously denied its involvement with a scheme designed to promote Zoompass’ stock and that Zoompass had purposely kept hidden the fact that the Company’s CEO was involved in a pump-and-dump scheme. On this news, shares of Zoompass fell over 23% to close at $2.25 per share on May 25, 2017.
The Complaint filed alleges that throughout the Class Period, Defendants made materially false and misleading statements, and failed to disclose that: (1) Zoompass unlawfully engaged in a scheme to promote its stock; (2) discovery of the foregoing conduct would subject Zoompass to heightened regulatory scrutiny and potential criminal sanctions; and (3) that as a result, Zoompass’ public statements were materially false and misleading at all relevant times.
If you purchased or otherwise acquired Zoompass securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, 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 Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
On May 9, 2017 Zoompass disclosed that it had been “made aware of and requested by the OTC Markets Group, Inc. to comment on recent trading and potential promotional activity.” Following this announcement, shares fell $1.67 per share, or over 45%, over three trading days.
On May 25, 2017, an article was published on SeekingAlpha.com alleging that Zoompass had erroneously denied its involvement with a scheme designed to promote Zoompass’ stock and that Zoompass had purposely kept hidden the fact that the Company’s CEO was involved in a pump-and-dump scheme. On this news, shares of Zoompass fell over 23% to close at $2.25 per share on May 25, 2017.
The Complaint filed alleges that throughout the Class Period, Defendants made materially false and misleading statements, and failed to disclose that: (1) Zoompass unlawfully engaged in a scheme to promote its stock; (2) discovery of the foregoing conduct would subject Zoompass to heightened regulatory scrutiny and potential criminal sanctions; and (3) that as a result, Zoompass’ public statements were materially false and misleading at all relevant times.
If you purchased or otherwise acquired Zoompass securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, 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 Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.