NEW YORK and SAN DIEGO, June 07, 2022 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of California against 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”).
All investors who purchased the shares of Humbl LLC and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in Humbl LLC you may, no later than July 18, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Humbl LLC.
PLEASE CLICK HERE TO JOIN THE CASE
The filed complaint 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:
- that the HUMBL Pay App did not have even the basic functionality that it promised investors; and
- that several of its hyped international business partnerships had a very low chance of contributing material revenues to the Company’s bottom line; and
- 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.
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.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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