- Lead Plaintiff and Lead Counsel Appointed
- Amended Complaint to be filed July 1, 2021
On April 15, 2021, Robbins Geller Rudman & Dowd LLP (“Robbins Geller”), representing the Court-appointed Lead Plaintiff, was appointed Lead Counsel in a class action brought on behalf of purchasers of Triterras, Inc. (“Triterras”) (NASDAQ:TRIT;TRITW) securities between August 20, 2020 and December 16, 2020 (“Class Period”) for violations of the Securities Exchange Act of 1934. Based in Singapore, Triterras operates a blockchain-enabled commodities trading platform known as Kratos.
The claims arise out of a November 2020 transaction in which Netfin Acquisition Corp. (“Netfin”), a special purpose acquisition company (or SPAC), acquired Triterras Fintech Pte. Ltd. (“Fintech”), resulting in Triterras’s formation. Certain investors holding Netfin securities (NASDAQ:NFINU; NFIN; NFINW) were asked to vote on the transaction, and Netfin securities later became Triterras securities. As with many SPAC transactions, however, information later emerged which called into question representations to Netfin investors and, later, Triterras investors.
The initial complaint, filed in the United States District Court for the Southern District of New York, alleges claims against Triterras and its Chairman/CEO Srinivas Koneru, as well as former Netfin President Marat Rosenberg. It alleges that during the Class Period, the defendants failed to disclose: (i) the extent to which Triterras’s revenue growth relied on affiliated commodities trader Rhodium, which referred users to the Kratos platform; (ii) that Rhodium faced significant financial liabilities; and (iii) that, as a result, Rhodium was likely to refer fewer users. While this information was withheld from the market, Triterras securities traded at artificially inflated prices, with its share price reaching a high of more than $14 per share during the Class Period.
On December 17, 2020, Triterras disclosed that Rhodium was seeking a moratorium to shield itself from creditors while it sought “to restructure its debts.” News also emerged about relationships between insiders at Netfin and Triterras that raised concerns about Triterras’s management, operations, and representations. In response, the price of Triterras shares fell approximately 31%, to close at $9.09 per share, and the price of its warrants fell approximately 35%, to close at $2.01 per warrant, on December 17, 2020.
Then, on January 14, 2021, Phase 2 Partners LLC issued a report that exposed further information about Triterras and the relationships between insiders at Netfin and Triterras that cast doubt on the business and the defendants’ prior representations. In response, the trading price of Triterras securities declined again, and Triterras pledged to conduct an internal investigation. The result of that investigation remains unknown.
Robbins Geller is in the process of preparing an amended complaint that will strengthen the claims alleged and include additional information on these issues, including the SPAC transaction. If you have relevant information you wish to share or have any questions concerning your rights at any time as a Netfin or Triterras investor, please contact Joseph Russello of Robbins Geller at 800/449-4900 or 631/367-7100 or via e-mail at jrussello@rgrdlaw.com.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. ISS Securities Class Action Services has ranked Robbins Geller as one of the top law firms in the world in both amount recovered and total number of class action settlements for shareholders every year since 2010. The SCAS 2020 Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other plaintiffs’ firm. 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.
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Contacts
Robbins Geller Rudman & Dowd LLP
Joseph Russello; 800/449-4900
jrussello@rgrdlaw.com
