WeTrade files derivative lawsuit against former officers and directors

WeTrade filed a derivative lawsuit in the U.S. District Court for the District of Wyoming against Biming Guo, Ning Qin, Yuxing Ye, Hechun Wei, Kean Tat Che, and Annie Huang by certain 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 dated September 22, 2023, which appointed two new directors, and the Unanimous Written Consent of the Board of Directors of WeTrade dated September 22, which appointed Lina Jiang as CEO and Xiaodong An as Interim CFO of the company, are valid, enforceable, and binding. The Majority Shareholders also filed a motion for a temporary restraining order and preliminary injunction which 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 from consummating the private placement transactions.