Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
On Thursday, December 17, 2020, Triterras, Inc.disclosed in an SEC filing that closely related company Rhodium Resources (recently renamed to Antanium Resources) received a statutory demand for payment from one of its creditors. Triterras previously relied on Rhodium for “substantially all” user referrals when initially launching its Kratos fintech platform and both Triterras and Rhodium are founded and controlled by the same person, Srinivas Koneru.
On the news of Triterras’s disclosure about Rhodium, Triterras’s stocks plummeted 31% on December 17, 2020, causing significant harm to investors.
Triterras stock plunges 31% after disclosing trouble with related co. Rhodium
On Thursday, December 17, 2020, Triterras, Inc. disclosed in an SEC filing that former sister company Rhodium Resources Pte. Ltd. (recently renamed to Antanium Resources Pte. Ltd.) received a statutory demand for payment by one of its creditors on December 1, 2020. Per Singaporean law, Rhodium must respond to the demand within 21 days or else risk the creditor filing a bankruptcy application against it.
Triterras previously relied on Rhodium for “substantially all” user referrals when initially launching its Kratos fintech platform in June of 2019, and Rhodium accounted for 26.5% of Triterras’s revenue for its fiscal year ending in February 29, 2020. However, Triterras claims the percentage of its revenues from Rhodium has dwindled to “less than 10%” for the period since August 31, 2020.
Triterras and Rhodium were formerly sister companies until Netfin Acquisition Corp. decided to merge with only Triterras on July 29, 2020. Still, both Triterras and Rhodium continue to be “under the control” of founder and CEO Srinivas Koneru, according to Triterras’s December 17 SEC filing.
Our Securities Lawyers Have a Winning Record Against Companies Like Triterras
Our securities lawyers have recovered over a billion dollars on behalf of our clients against behemoths, such as Chase Bank, Mastercard, and Anthem Blue Cross Blue Shield. Read more about our results.
You “shouldn’t presume that powerful banks and other powerful interests can just get away with doing bad things. Good, qualified counsel that are committed to a cause can usually figure out how to prosecute such cases effectively and prevail.”
–Eric Gibbs, award-winning securities attorney
Praise from the Courts
Federal judge in our AT&T class action:
“I’ve always found them to be extraordinary counsel in terms of their preparation and their professionalism.”
Federal judge in our Chase lawsuit (resulting in $100 million settlement):
They “fought tooth and nail, down to the wire” to achieve “the best settlement that they could under the circumstances.”
Read more about what judges say about us.
Our Featured Securities Team
Eileen works closely with investors in securities cases and has over a decade of experience in the legal world. She received her law degree from American University in 2005.
David’s advocacy has generated major recoveries for consumers impacted by financial fraud. He was named to the Top 40 Under 40 by Daily Journal and a “Rising Star in Class Actions” by Law360.
Amanda is a member of the legal team in a securities lawsuit against NantHealth alleging false statements to investors about the success of its key product.
Gibbs Law Group’s financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. Our attorneys have successfully litigated against some of the largest companies in the United States, and we have recovered more than a billion dollars on our clients’ behalf.
Gibbs Law Group's Financial Fraud Experience
We have fought some of the most complex cases brought under federal and state laws nationwide, and our attorneys have been recognized with numerous awards and honors for their accomplishments, including Top 100 Super Lawyers in Northern California, Top Plaintiff Lawyers in California, The Best Lawyers in America, and rated AV Preeminent (among the highest class of attorneys for professional ethics and legal skills).
Share this on: