Blockchain Developer Humbl Faces Lawsuit Over ‘Smokescreen’ Deals

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 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 a 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 — were not working, said the suit, filed by investor James Angrisano. The app’s reviews on the Apple …

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