NEW YORK, June 13, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of HUMBL, Inc. (“HUMBL” or the “Company”) (OTCMKTS: HMBL). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether HUMBL and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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HUMBL began trading publicly on November 12, 2020, after a reverse merger with Tesoro Enterprises, Inc. HUMBL failed to disclose that the HUMBL Pay App did not have the basic functionality promised to investors and that several of the Company’s hyped international business partnerships had a very low chance of contributing material revenues to the Company’s bottom line. The Company also sold a series of highly speculative unregistered securities called BLOCK Exchange Traded Index (“ETX”) products. These products purported to “simplify digital asset investing” for customers seeking exposure to cryptocurrency investments. In reality, these were unregistered securities that were collateralized by a variety of highly speculative and risky digital assets. On April 25, 2022, the price of HUMBL common stock hit a low of $0.11 per share, down from a price high of $6.84 during the Class Period. Likewise, the price of BLOCK ETX has dropped over 87% from its height during the Class Period and has not recovered.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
888-476-6529 ext. 7980
