Fund Says Hemp Co. Owes $350K For SEC Reporting Lapse
Law360 (July 14, 2020, 7:37 PM EDT) -- A Florida CBD retailer has defaulted on a loan by abruptly halting its financial reports to securities regulators, effectively freezing public trading of its stock and entitling an investor to nearly $350,000, according to a complaint filed in Massachusetts federal court.
Auctus Fund LLC says in its suit filed Monday that Hemp Naturals Inc. wasn't forthcoming about plans to stop reporting financials when it solicited the investment, mirroring claims by at least two other investors that allege the company sold convertible promissory notes on false pretenses.
Auctus says Hemp Naturals filed a Form 15 ending its reporting to the U.S. Securities...
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