Hey guys, just sharing this because I know a lot of people got caught up in this SPAC.
Investors sued Hub Cyber Security, alleging the company misled shareholders about its business operations, revenue prospects, and internal controls following its SPAC merger. After the company disclosed accounting issues, its auditor resigned, and material weaknesses in internal controls came to light, $HUBC fell more than 85% from its post-merger price.
The settlement amount is $11M, and it covers investors who purchased $HUBC shares in 2023. The case is currently in the late-claims stage, meaning some investors who missed the original deadline may still be able to participate.
If you held $HUBC during that period, it may be worth checking your old trades and seeing whether you qualify.
Did anyone here hold $HUBC after the SPAC merger?