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What happened
Shares of
Triterras (NASDAQ:TRIT) were pummeled today after the company said in a regulatory filing that Rhodium Resources (which recently changed its name to Antanium Resources) received a statutory demand for payment from one of its creditors.
Rhodium and Triterras were both founded by Srinivas Koneru and both companies are each under the control of Koneru, according to the filing.
The tech stock sank by as much as 41.7% today and was down by 31.5% as of 2:42 p.m EST.
Tri-Tech Holding Inc (NASDAQ:TRIT) - Why Tritterras Is Plummeting benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
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MILWAUKEE, Dec. 17, 2020 /PRNewswire/ Ademi LLP is investigating possible securities fraud claims against Triterras (NASDAQ: TRIT) resulting from inaccurate statements Triterras made regarding its financial statements and prospects.
Click here to learn more about the investigation: http://ademilaw.com/case/triterras-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
The investigation focuses on whether Triterras properly disclosed the extent and characteristics of its relationship with Rhodium Resources Pte. Ltd and the extent to which Triterras was vulnerable to potential conflicts and adverse business consequences from Srinivas Koneru s control of both Triterras and Rhodium. Srinivas Koneru is Triterras founder, Executive Chairman and Chief Executive Office. According to its December 17, 2020 filing with the SEC, Rhodium was instrumental to the initial launch of the Company s Kratos platform a