WHY: NEW YORK, Sept. 03, 2023 (GLOBE NEWSWIRE) — Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of common stock of HUB Cyber Security Ltd. (NASDAQ: HUBC, HUBCZ, HUBCW) f/k/a Hub Cyber Security (Israel) Ltd. (“Legacy HUB”) pursuant and/or traceable: (a) through Legacy HUB’s merger (the “Merger”) with Mount Rainier Acquisition Corp. (“Mount Rainier”); (b) to the registration statement and proxy statement/prospectus (collectively, the “Offering Documents”) issued in connection with the Merger; and/or traceable to the registration statement and proxy statement/prospectus (collectively, the “Offering Documents”) issued in connection with the Merger; and/or (c) between March 23, 2022 and June 13, 2023, both dates inclusive (the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 16, 2023.
SO WHAT: If you purchased HUB Cyber securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the HUB Cyber class action, go to https://rosenlegal.com/submit-
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, the Offering Documents and defendants made false and/or misleading statements and/or failed to disclose that: (1) PIPE financing in connection with the Merger was not committed; (2) HUB would not be led by Legacy HUB’s then-current management team, including defendant Moshe; (3) the Company had downplayed the full scope and severity of deficiencies in its compliance controls and procedures, including its disclosure controls and procedures and internal controls over financial reporting; (4) the Company overstated its remediation of, and/or ability to remediate, the foregoing deficiencies; (5) accordingly, the Company had hundreds of thousands of dollars of unexplained expenses incurred, and/or funds misappropriated or otherwise fraudulently obtained, by a senior officer of the Company; (6) the foregoing increased the risk that the Company would be unable to timely file one or more of its periodic financial reports with the SEC, as required by the NASDAQ’s listing rules; (7) as a result, the Company was also at an increased risk of being delisted from the NASDAQ; (8) all the foregoing, once revealed, was likely to negatively impact the Company’s business, financial results, and reputation; and (9) as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the HUB Cyber class action, go to https://rosenlegal.com/submit-
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
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