Aug. 17, 2022, 4:24 PM
Humbl, a blockchain technology developer, is facing a shareholder derivative suit over allegedly misleading statements concerning its products and financial success in foreign countries.
The San Diego-based company’s executives and board members breached their fiduciary duties by issuing false statements about its products’ capabilities in paying, tipping, rating and reviewing merchants on its app, according to the lawsuit filed in the Delaware Court of Chancery Tuesday.
But a report by Hindenburg Research demonstrated that the app’s features—purportedly for exchanging digital currency and other blockchain-based items—weren’t working, said the suit, filed by investor James Angrisano. The app’s reviews on the Apple …