NEW YORK, May 20, 2022 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, announces that it has filed a class action lawsuit against Defendants HUMBL LLC (OTC:HMBL) (“HUMBL” or the “Company”), its Chief Executive Officer, Brian Foote, its Chief Financial Officer, Jeffrey Hinshaw, and its Capital Markets Advisor, George Sharp (together with HUMBL, the “Defendants”).
The action, which was filed in the U.S. District Court for the Southern District of California and captioned Pasquinelli et al. v. Humbl, LLC et al., Case No. 2:22-cv-01527, asserts claims under §§10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), and Rule 10b-5 promulgated thereunder, and Sections 5 and 12(a)(1) of the Securities Act of 1933 (“Securities Act”), on behalf of investors who purchased or otherwise acquired the Company’s common stock (sold under the ticker symbol “HMBL” on various OTC exchanges) and/or the Company’s unregistered digital asset (sold as “BLOCKS Exchange Traded Index (“ETXs”) on various cryptocurrency exchanges) from November 1, 2020 through May 19, 2022 inclusive (the “Class Period”), and who were damaged thereby. The lead plaintiff deadline in this action is July 19, 2022.
If you purchased Humbl common stock or BLOCKs ETX digital assets between November 1, 2020 and May 19, 2022, inclusive, and have suffered significant losses, realized or unrealized, you are encouraged to contact Scott+Scott attorney Sean Masson (212) 519-0522, or via email at smasson@scott-scott.com, for more information.
Humbl is a mobile financial services company that offers investors various financial products associated with “Web 3” technology and decentralized finance.
The complaint alleges that Defendants violated provisions of the Exchange Act by making false and misleading statements concerning the Company’s growth prospects, technological advancements, international partnerships, and financial benefits for Humbl common stock and digital asset investors, as well as using selectively timed announcements to keep Humbl stock price high so that Company insiders could sell off their holdings into artificially created volume. The complaint also alleges that Defendants violated provisions of the Securities Act by selling its unregistered securities (BLOCK ETX digital assets) to investors.
On April 25, 2022, the price of the Humbl common stock hit a low of $0.11 per share, down from a price high of $6.84 during the Class Period, which it has not been able to recover. Likewise, the price of BLOCK ETX has dropped over 87% from its height during the Class Period and has not recovered.
Lead Plaintiff Deadline
The lead plaintiff deadline in this action is July 19, 2022. If you wish to serve as lead plaintiff, you must move the Court no later than July 19, 2022. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain a member of the proposed class.
If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact Plaintiff’s counsel, Sean Masson of Scott+Scott, at (212) 519-0522 or via email at smasson@scott-scott.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States, and is actively litigating several cryptocurrency cases. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Ohio, and Virginia.
CONTACT:
Sean Masson
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17th Floor, New York, NY 10169
(212) 519-0522
smasson@scott-scott.com
