WeTrade Group Inc. Announces Filing of A Derivative Lawsuit Against Former Officers and Directors

Rhea-AI Summary

A derivative lawsuit has been filed against WETG by Majority Shareholders seeking to confirm the resignation of certain officers and directors. They also aim to invalidate private placement transactions and validate new appointments. A motion for a temporary restraining order and preliminary injunction has been filed to halt the Named Defendants and Globex Transfer, LLC from acting on behalf of the Company and completing the share issuances.

BEIJING, Oct. 3, 2023 /PRNewswire/ -- WeTrade Group Inc. ("WETG" or the "Company") (NASDAQ: WETG) today (October 3, 2023) announced that on September 28, 2023, a derivative lawsuit was filed in the United States District Court for the District of Wyoming against Biming Guo, Ning Qin, Yuxing Ye, Hechun Wei, Kean Tat Che, and Annie Huang (the "Named Defendants") by certain shareholders (the "Majority Shareholders").

The Majority Shareholders, derivatively on behalf of WETG, seek a judgment from the Court confirming that the Named Defendants resigned as officers and directors of the Company as of June 30, 2023 and that the attempted private placement transactions announced after that date relating to the issuance of 105,400 WETG shares and 1,465,200 WETG shares were invalid. In addition, the Majority Shareholders also ask the Court to find that the Action by Written Consent of the Sole Director of the Board of Directors of WeTrade Group Inc. dated September 22, 2023, which appointed two new directors, and the Unanimous Written Consent of the Board of Directors of WeTrade Group Inc. dated September 22, 2023, which appointed Ms. Lina Jiang as the Chief Executive Officer of the Company and Ms. Xiaodong An as the Interim Chief Financial Officer of the Company, are valid, enforceable, and binding.

In connection with the lawsuit, the Majority Shareholders also filed a motion for a temporary restraining order and preliminary injunction (the "TRO") on September 28, 2023. This motion aims to restrain the Named Defendants from acting on behalf of the Company while the lawsuit is pending, and to halt both them and Globex Transfer, LLC from consummating the private placement transactions linked to the aforementioned share issuances under certain agreements.

About WeTrade Group Inc.

WeTrade Group Inc. is a global diversified "Software as a Service" ("SaaS") technology service provider committed to offering technical support and digital transformation tools for enterprises across various industries. WeTrade Group consists of four business segments: YCloud, WTPay, Y-Health, and YG.

YCloud is a micro-business cloud intelligent system launched by WeTrade, serving the global micro-business industry. YCloud strengthens users' marketing relationships and CPS commission profit management through leading technology and big data analysis. It also helps increase payment scenarios to boost customers' revenue through multi-channel data statistics, AI fission, and management, as well as an improved supply chain system.

Independently developed by the Company, WTPay supports multiple methods of online payment and eight mainstream digital wallets in over 100 countries, helping customers quickly realize global collection and payment business.

Y-Health is the sector focusing on public health business, engaging in the development of global business for biological health and medical enterprises. Currently, Y-Health mainly focuses on epidemic detection and prevention, daily healthcare, traditional Chinese medicines, and more.

YG is the new energy business segment that mainly provides tools and technical support for the digital new energy industry in the Middle East and Central Asia.

For more information, please visit https://ir.wetg.group.

Forward-Looking Statements

This press release contains information about the Company's view of its future expectations, plans, and prospects, constituting forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements due to various factors, including but not limited to, risks and uncertainties associated with its ability to raise additional funding, maintain and grow its business, variability of operating results, enhance its brand, develop and introduce new products and services, successfully integrate acquired companies, technologies, and assets into its portfolio of products and services, conduct marketing and other business development initiatives, face competition in the industry, navigate general government regulation, economic conditions, dependence on key personnel, attract, hire and retain personnel with the technical skills and experience necessary to meet clients' requirements, and protect its intellectual property. The Company encourages you to review other factors that may affect its future results in the Company's annual reports and in its other filings with the Securities and Exchange Commission.

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SOURCE WeTrade Group INC