According to the law firm press release, Zoompass Holdings, Inc. develops a mobile money platform that enables brands to transform their financial interactions with customers. The company also offers mobile money solutions that include international and domestic money transfers, contractor payments, direct payroll deposit, merchant payments, and bill payments.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Zoompass unlawfully engaged in a scheme to promote the Company’s stock; (ii) discovery of the foregoing conduct would subject the Company to heightened regulatory scrutiny and potential criminal sanctions; and (iii) that as a result of the foregoing, Zoompass’ public statements were materially false and misleading at all relevant times.
On September 20, 2017, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on November 20. On January 19, 2018, Defendant filed a Motion to Dismiss the amended Complaint. On August 8, the Court issued an Order granting Defendant's Motion to Dismiss the amended Complaint. Lead Plaintiff was given leave to file an amended Complaint. On August 21, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on September 18. On January 24, 2019, the Court issued an Order granting Defendants' Motion to Dismiss, dismissing the case with prejudice. Plaintiff filed a notice appealing the Court's Dismissal Order on June 10.