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 …