According to the Complaint, Humbl LLC is a mobile financial services company. The Company describes itself as a “Web 3, digital commerce platform” that offers the following “three interconnected product verticals”: (1) HUMBL Pay (“A mobile app that allows peers, consumers and merchants to connect in the digital economy.”); (2) HUMBL Marketplace (“A mobile marketplace that allows consumers and merchants to connect more seamlessly in the digital economy.”); and (3) HUMBL Financial (“Financial products and services, targeted for simplified investing on the blockchain.”).

HUMBL went public in late 2020 when it engaged in a reverse merger transaction whereby it merged with a dormant flooring products business.

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 August 12, 2022, the Court issued an Order appointing Co-Lead Plaintiffs and Counsel. Co-Lead Plaintiffs filed an Amended Complaint on September 22.

On July 7, 2023, this case was transferred to the District of Delaware under Docket 23-CV-00743.

Defendants filed Motions to Dismiss the Amended Complaint on October 30, 2023. On March 27, 2025, the Court issued an Order granting Defendants' Motions to Dismiss. Plaintiff was given leave to amend the Complaint.

Co-Lead Plaintiffs filed a second Amended Complaint on April 10, 2025.