Litigation Update - FingerMotion Announces Settlement Agreement with Benzinga in Action Against Short Selling Research Firm Capybara Research
• Benzinga Removes Company’s Short Selling Report from its website
SINGAPORE, March 25, 2024 – On October 19, 2023, FingerMotion, Inc. (NASDAQ: FNGR) (the “Company” or “FingerMotion”), a mobile services and data company, announced that it filed a federal lawsuit in the United States District Court for the Southern District of New York, FingerMotion, Inc., v. Capybara Research et. al., Case No.1:23-cv-09212-JPC-KHP, against Defendant Capybara Research (“Capybara”), alleging claims for securities fraud, tortious interference with prospective business expectancy and defamation in connection with a defamatory article maliciously published to its website and X account in a premeditated attempt to decrease the Company’s share price and financially benefit from its previously disclosed short position.
On January 16, 2024, the Company amended its complaint to add claims against Accretive Capital LLC d/b/a Benzinga (“Benzinga”) for tortious interference with prospective business expectancy and defamation in connection with the republishing of Capybara’s defamatory article. As of March 21, 2024, FingerMotion has entered into a settlement agreement with Benzinga, facilitating the removal of references to Capybara’s article from Benzinga’s website and dismissing Benzinga from the lawsuit.
“We are gratified to reach this milestone in our legal action against Capybara Research and coming to a settlement with Benzinga,” stated FingerMotion CEO Martin Shen. “This is however, only the first step in our drive to fully redress the damage caused by this false and malicious article. We remain committed to pursuing our federal lawsuit until a final judgment has been reached.”
About FingerMotion, Inc.
FingerMotion is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. As the user base of its primary business continues to grow, the Company is developing additional value-added technologies to market to its users. The vision of the Company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the Company to onboard larger customer bases. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets.
For more information on FingerMotion, visit: https://fingermotion.com/
Company Contact:
FingerMotion, Inc.
For further information e-mail: info@fingermotion.com
Phone: 718-269-3366
Investor Relations Contact:
Skyline Corporate
Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, NY, 10036
Office: (646) 893-5835
Email: info@skylineccg.com
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