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Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Rekor Systems, Inc. (REKR) on Behalf of Investors

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LOS ANGELES–(BUSINESS WIRE)–$REKR #CLASSACTIONGlancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Rekor Systems, Inc. (“Rekor” or the “Company”) (NASDAQ: REKR) investors concerning the Company’s possible violations of the federal securities laws.

If you suffered a loss on your Rekor investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/rekor-systems-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On May 26, 2021, Western Edge published a report entitled “Rekor Systems: Lackluster Growth Runway and Exaggerated Insurance Scheme Raise Substantial Downside Risk,” alleging, among other things, that the Company’s “realized results suggest management’s potential revenue guidance could be overstated by up to 80%.”

The same day, Mariner Research Group published a report entitled “REKR – Government documents to not support investor expectations.” According to the report, “government documentation . . . shows that REKR’s revenue opportunities are likely a fraction of what investors expect.” For example, “Oklahoma government budgets imply that REKR’s much vaunted UVED program is a sub $2MM revenue opportunity–almost 96% less than the) $40MM in revenue intimated by Rekor’s CEO.”

On this news, Rekor’s stock price fell $0.44 per share, or 3.93%, to close at $10.77 per share on May 26, 2021.

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Whistleblower Notice: Persons with non-public information regarding Rekor should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.

About GPM

Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Glancy Prongay & Murray LLP, Los Angeles

Charles H. Linehan, 310-201-9150 or 888-773-9224

1925 Century Park East, Suite 2100

Los Angeles, CA 90067

www.glancylaw.com
shareholders@glancylaw.com

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Source: https://www.fintechnews.org/glancy-prongay-murray-llp-a-leading-securities-fraud-law-firm-announces-investigation-of-rekor-systems-inc-rekr-on-behalf-of-investors/

Blockchain

Visa to acquire Swedish open banking firm Tink for €1.8 billion

Card giant Visa is set to acquire Tink, the Swedish open banking platform, in a deal worth €1.8 billion (roughly $2.15 billion).

The post Visa to acquire Swedish open banking firm Tink for €1.8 billion appeared first on The Block.

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Card giant Visa is set to acquire Tink, the Swedish open banking platform, in a deal worth €1.8 billion (roughly $2.15 billion).

The news comes less than six months after the termination of Visa’s planned $5.3 billion acquisition of Plaid, the San Francisco-based fintech firm – a deal that had encountered significant opposition from the U.S. Department of Justice.

Like Plaid, Tink’s platform allows customers to connect with more than 3,400 banks and financial institutions to access aggregated financial data, helping them to build innovative personal finance tools.

“Visa is committed to doing all we can to foster innovation and empower consumers in support of Europe’s open banking goals,” said Al Kelly, CEO and chairman of Visa. “By bringing together Visa’s network of networks and Tink’s open banking capabilities we will deliver increased value to European consumers and businesses with tools to make their financial lives more simple, reliable and secure.”

As part of the Visa deal, Tink will retain its brand and current management team, as well as its headquarters in Stockholm, Sweden.

Tink last raised money in December 2020, when it secured €85 million (roughly $101.5 million) in a round led by Dawn Capital and Eurazeo Growth.

The €1.8 billion transaction, which includes cash and retention incentives, is subject to approval from regulators. Visa will fund the transaction in cash.

Powered by PSD2

Tink’s business model is in part enabled by the EU’s Revised Payment Services Directive (PSD2), which was put into effect in January 2018. The legislation requires banks to give third parties access to the customer data they store, with the aim of driving competition and innovation in financial services.

But the PSD2 framework also paved the way for new payment functionality that allows consumers to make payments directly from their bank accounts without having to rely on intermediaries, like card networks.

In recent months, account-to-account payments have garnered a lot of attention from crypto startups, which see it as a potentially cheaper and easier method of funding wallets.

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Source: https://www.theblockcrypto.com/linked/109441/visa-acquire-european-open-banking-tink?utm_source=rss&utm_medium=rss

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Blockchain

Exclusive: Financial Technology Provider EXINITI Announces Its Official Launch

The UAE-based technology company is offering comprehensive services to global FX and CFD brokers.

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EXINITI, a Dubai-based financial technology firm, announced today that the company has officially launched its services. Founded by Mohamed Rashad, an industry veteran, the company aims to facilitate international FX and CFD brokers through innovative technology services.

According to an official press release shared exclusively with Finance Magnates, services from EXINITI will support emerging companies as well as well-established businesses in the global financial markets.

Bank Account Alternative. Business Account IBAN.

The company highlighted that its core offering has various services, including an online and scalable CRM package, back-office support systems, client/IB portal solutions, MT5/4 white label solutions, and support with customizable website integration and development.

Additionally, the company will provide extensive support to the brokers including web development and hosting services to help the companies run their operations smoothly and efficiently.

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Commenting on the official launch, Mohamed Rashad, CEO and Founder of EXINITI, said: “EXINITI was founded because there was a gap in the market in terms of technology-related advancements and support for financial services. EXINITI provides everything a Forex and CFD brokerage requires to get set up correctly from day one. We have also perfected the solutions needed to run a brokerage’s day-to-day operations smoothly and in the most efficient and scalable way possible.”

In addition to the mentioned services, EXINITI allows for integration with the most commonly used payment solution providers in the industry.

Mohamed Rashad

The CEO of EXINITI has extensive experience in the global financial markets. Before founding EXINITI, Rashad worked with several brokerages, including MultiBank Group and Equiti.com. In his latest role, he worked with FXGate as Head of information technology.

“EXINITI which was founded at the end of 2020 and has its headquarters in the UAE combines technology and functionality to bring to life a suite of new tech and know-how for brokers. The technology provider has launched its website that describes the full suite of brokerage set-up and management solutions that are on offer for financial enterprises to deliver the ultimate experience for their clients,” the company added in the official announcement.

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Source: https://www.financemagnates.com/fintech/exclusive-financial-technology-provider-exiniti-announces-its-official-launch/

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Crowdfunding

Singapore based Digital Wealth and Savings App Hugo Secures $2M via Seed Round from 1982 Ventures, Others

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Singapore-based Hugo, a digital wealth and savings app, recently revealed that they’ve acquired $2 million in capital via a seed round from 1982 Ventures, established family offices and angel investors.

With the proceeds from its investment round, Hugo stated that it will be introducing additional features to help clients with improving their budgeting, savings and achieving their investing goals so that the company can support the financial wellbeing of its customers.

David Fergusson, Chief Executive Officer and Co-Founder at Hugo, stated:

“Money is the biggest cause of stress and Covid-19 has only reinforced how financially unprepared most of us are. We are excited to introduce Hugo at a time when financial wellbeing has become so relevant.”

David has also mentioned that money fears are “most people’s principal cause of stress, and we talk about Wealthcare® as being the antidote to money fears.” So Hugo plans to create a simple user interface, and an intuitive engagement method for “getting people to, basically, look after their money as they spend it, look after their money as they budget with it, and look after their money as they save with it.”

Hugo has developed a unique feature, known as the Gold Vault, which makes investing in gold more convenient and accessible for everyone. Hugo clients are able to purchase or sell gold for as low as SGD 0.01.

Gold has traditionally been a core investment for the ultra-rich and provides safety and wealth preservation during times of high inflation and socioeconomic uncertainty.

Hugo’s Gold Vault is reportedly backed by physical gold that resides in an accredited LBMA (London Bullion Market Association) vault. The gold is insured by Lloyds of London, allowing investors to benefit from the same level of protections as more established hedge funds and private banking institutions.

Herston Powers, Managing Partner, of 1982 Ventures, remarked:

“Hugo is democratizing access to gold with a low fee product that is extremely thoughtful and approachable. Singapore is a perfect market to launch the next generation of digital banking and wealth solutions.”

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Source: https://www.crowdfundinsider.com/2021/06/176928-singapore-based-digital-wealth-and-savings-app-hugo-secures-2m-via-seed-round-from-1982-ventures-others/

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Crowdfunding

Saudi Arabia based Fintech Tweeq, Provider of Spending Accounts for SMEs, Secures Investment from STV, Raed Ventures

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Saudi Arabia-based Tweeq, a provider of spending accounts for individuals and small businesses operating across the country, revealed that it has finalized an undisclosed seven-figure funding round, which has been co-led by STV and Raed Ventures.

As noted by the company’s management:

“Our mission is to help individuals and SMEs in MENA to manage their money better and meet their financial needs by building the best mobile-first spending account.”

Tweeq’s investment round has been finalized after the Fintech firm’s exclusive partnership with Mastercard and Paymentology. The company will use the proceeds to further enhance its product development efforts and prepare for its launch in Saudi Arabia, followed by the wider MENA region.

Established last year by a team of experienced banking and technology professionals, Tweeq will let its customers open a feature-rich spending account within seconds via their intuitive mobile app – where they may quickly start receiving and making payments. Users may also set monthly budgets and long-term financial and investing goals. Additionally, they can monitor and manage personal spending automatically across various categories.

Clients may join the waiting list right now simply by downloading Tweeq via the Apple and Google Play stores.

Saeed Albuhairi, Co-Founder and CEO at Tweeq, stated:

“Tweeq is aiming to provide an unparalleled customer experience and a better modern alternative to the traditional banking account. We are working hard to obtain the necessary licenses and approvals to conduct our business under the Saudi Central Bank (SAMA)’s supervision to achieve the Kingdom’s ambition of developing a diversified and effective financial sector.”

The financial services sector in Saudi Arabia is undergoing rapid digital transformation, a trend that has accelerated following the COVID-19 outbreak.

As covered last month, the Arab Monetary Fund, which aims to establish policies of Arab monetary cooperation and promote the development of Arab financial markets, launched “Finxar,” which is a regional Fintech index for tracking the development of the financial technology industry in Arab nations.

The update had revealed:

“The Kingdom of Saudi Arabia came in second place (after the UAE) with a rate of 65%, … for the development of the demand side and the availability of financing, due to the various initiatives sponsored by the authorities in assisting technology centers in supporting digital financial products and solutions in the Kingdom, and to enhance financial education. In addition to the various awareness programs, enabling the access to finance for small and medium enterprises. It also ranked third at the level of the leading indices of policies & regulations, financial market infrastructure, and talents.”

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Source: https://www.crowdfundinsider.com/2021/06/176938-saudi-arabia-based-fintech-tweeq-provider-of-spending-accounts-for-smes-secures-investment-from-stv-raed-ventures/

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