Scott+Scott Attorneys at Law LLP Alerts Investors to Securities Class Action Against Namaste Technologies Inc. (NXTTF)

NEW YORK, Oct. 16, 2018 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national shareholder and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Namaste Technologies Inc. ("Namaste" or the "Company") (OTC: NXTTF) and other defendants, related to alleged violations of federal securities laws.  If you purchased Namaste securities between November 29, 2017 through October 4, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for more information. 

Namaste is a Canadian cannabis e-commerce company.

According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) Namaste had sold its wholly-owned U.S. subsidiary to Namaste executives; (2) consequently, Namaste did not sell its U.S. subsidiary in an arm's length transaction; and (3) as a result, defendants' statements about the company's business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On October 4, 2018, Citron Research published a report entitled, "Namaste: Citron has exposed complete FRAUD that underpins the 'Business' of Namaste," which stated that CEO "[Sean] Dollinger said he sold [an] asset to an arm's length party . . . but it was really sold to David Hughes who has been with Namaste since Feb 2015 (and Paul Burn who has been with Namaste since 2016)."  The report also alleged that "Namaste has lied to its shareholders, Canadian Regulators, US Regulators; and most of all has attempted to hide US assets from the Justice Department in an attempt to obtain a US listing."

On this news, shares of Namaste fell 4.3%, from $1.81 to $1.73 per share, on October 4, 2018.

What You Can Do

If you purchased Namaste securities between November 29, 2017 through October 4, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (844) 818-6980, or at [email protected].  The lead plaintiff deadline is December 5, 2018.

About Scott+Scott Attorneys at Law LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States.  The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.

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CONTACT:

Rhiana Swartz
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17^th Fl, NY, NY 10169
(844) 818-6980
[email protected] 

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SOURCE Scott+Scott Attorneys at Law LLP