Tenet sees class action against it dismissed

Executive Summary

• Tenet Fintech Group Inc. announced the voluntary dismissal of a U.S. securities class action lawsuit filed on October 25, 2023, which alleged violations of U.S. securities laws against the company, its CEO, and CFO.
• The dismissal was without prejudice pursuant to a stipulation by the parties, and the court has administratively closed the litigation.
• The company confirmed it paid no compensation to the plaintiffs and has no outstanding financial or other obligations related to the lawsuit.

Key Details

• Litigation History: The class action was filed in the U.S. District Court for the Eastern District of New York on October 25, 2023.
• Defendants: Tenet Fintech Group Inc., its Chief Executive Officer, and its Chief Financial Officer.
• Allegations: Four counts of violations of the securities laws of the United States.
• Resolution Status: Voluntarily dismissed by the plaintiffs without prejudice; court administratively closed.
• Financial Impact: The company did not pay any compensation to the plaintiffs and has no obligations, financial or otherwise, owed to the plaintiffs in connection with the lawsuit.
• Legal Counsel: U.S. counsels were identified as Douglas Baumstein and Scott Rader of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC.

Notable Quotes

• "We are very grateful for today's announced resolution to the lawsuit and can now focus our attention on the company's continued development," commented Johnson Joseph, president and chief executive officer of Tenet. "On behalf of all Tenet shareholders, I would like to thank our U.S. counsels Douglas Baumstein and Scott Rader of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC, for their exceptional work in guiding us through the litigation."