|Company Name||Triterras Inc|
|Class Period||August 20, 2020 to December 16, 2020|
|Lead Plaintiff Motion Deadline||February 19, 2021|
Triterras is a fintech company focused on trade and trade finance. It operates Kratos, a commodity trading and trade finance platform that connects commodity traders to trade and source capital from lenders directly online. Triterras formed via merger of Netfin and Triterras Fintech Pte. Ltd., which closed on November 11, 2020.
Rhodium Resources Pte. Ltd. (“Rhodium”) is a commodity trading business controlled by Srinivas Koneru, the Company’s Chief Executive Officer (“CEO”). Rhodium enabled the launch of the Kratos platform, and substantially all of the Company’s users were referred to it by Rhodium.
On December 17, 2020, Triterras stated that Rhodium was seeking a moratorium to shield itself from creditor actions while it planned a restructuring of its debts and continue its business as a going concern.
On this news, the Company’s share price fell $4.11, or 31%, to close at $9.09 per share on December 17, 2020, on unusually heavy trading volume. The Company’s warrant price fell $1.09, or 35%, to close at $2.01 per warrant on December 17, 2020, on unusually heavy trading volume.
The complaint filed in this class action 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: (1) the extent to which Company’s revenue growth relied on Triterras’ relationship with Rhodium to refer users to the Kratos platform; (2) that Rhodium faced significant financial liabilities that jeopardized its ability to continue as a going concern; (3) that, as a result, Rhodium was likely to refer fewer users to the Company’s Kratos platform; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Submit Your Information
If you suffered a loss on your Triterras Inc investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.
An attorney will contact you at no cost to provide you information about joining the action and answer your questions. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.