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Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Namaste Technologies Inc. Investors
[November 07, 2018]

Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Namaste Technologies Inc. Investors


Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Namaste Technologies Inc. ("Namaste" or the "Company") (OTC: NXTTF) securities between November 29, 2017 and October 4, 2018, inclusive (the "Class Period"). Namaste investors have until December 5, 2018 to file a lead plaintiff motion.

Investors suffering losses on their Namaste investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On October 4, 2018, Citron Research published an article claiming that the Company had entered into an "undisclosed related party" transaction. The Citron report alleged, among other things, that Namaste's Chief Executive Officer had falsey "promised investors a Nasdaq listing" and had falsely represented that Namaste had divested the Company of its U.S. assets in a sale to an "arm's length" purchaser, when the purchaser was in reality a Namaste executive. On this news, shares of Namaste fell $0.19 per share, or nearly 10.5% over two trading days, to close at $1.62 on October 5, 2018, thereby injuring investors.



The complaint filed in this class action 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) Namaste failed to disclose that it had sold its wholly-owned U.S. subsidiary to Namaste executives; (ii) consequently, Namaste did not sell its U.S. subsidiary in an arm's length transaction; and (iii) as a result, Namaste's public statements were materially false and misleading at all relevant times.

If you purchased shares of Namaste, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.


This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


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