ATLANTA, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Holzer & Holzer, LLC informs investors that a class action lawsuit has been filed against Hub Cyber Security Ltd. (“HUB” or the “Company”) (NASDAQ: HUBC) f/k/a Hub Cyber Security (Israel) Ltd. (“Legacy HUB”). The lawsuit alleges the Offering Documents issued in connection with the merger of Legacy HUB and Mount Rainier Acquisition Corp. (“Mount Rainier”) contained untrue statements of material fact and that throughout the Class Period Defendants made materially false and/or misleading statements and/or failed to disclose material adverse facts, including: (i) PIPE financing in connection with the Merger was not committed; (ii) HUB would not be led by Legacy HUB’s then-current management team; (iii) the Company had downplayed the full scope and severity of deficiencies in its compliance controls and procedures; (iv) the Company overstated its remediation of, and/or ability to remediate, the foregoing deficiencies; (v) accordingly, the Company had hundreds of thousands of dollars of unexplained expenses incurred, and/or funds misappropriated or otherwise fraudulently obtained, by a senior officer of the Company; (vi) the foregoing increased the risk that the Company would be unable to timely file one or more of its periodic financial reports with the SEC, as required by the NASDAQ’s listing rules; (vii) as a result, the Company was also at an increased risk of being delisted from the NASDAQ; and (viii) all the foregoing, once revealed, was likely to negatively impact the Company’s business, financial results, and reputation.
If you acquired HUB shares through Legacy HUB’s merger with Mount Rainier; if you were a Mount Rainier investor who acquired the Company’s shares pursuant and/or traceable to the Offering Documents; of if you bought shares of Mount Rainier or U.S.-listed HUB shares between March 23, 2022 and June 13, 2023, and you suffered a significant loss on that investment, you are encouraged to discuss your legal rights by contacting Corey Holzer, Esq. cholzer@holzerlaw.com or Joshua Karr, Esq. at jkarr@holzerlaw.com, by toll-free telephone at (888) 508-6832 or you may visit the firm’s website at https://holzerlaw.com/case/hub/ to learn more.
The deadline to ask the court to be appointed lead plaintiff in the case is September 5, 2023.
Holzer & Holzer, LLC, an ISS top rated securities litigation law firm for 2021 and 2022, dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. Since its founding in 2000, Holzer & Holzer attorneys have played critical roles in recovering hundreds of millions of dollars for shareholders victimized by fraud and other corporate misconduct. More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. Holzer & Holzer, LLC has paid for the dissemination of this promotional communication, and Corey Holzer is the attorney responsible for its content.
CONTACT:
Corey Holzer, Esq.
(888) 508-6832 (toll-free)
cholzer@holzerlaw.com
