NEW YORK, Oct. 18, 2024 /PRNewswire/ -- In light of Canna Global Acquisition Corporation's decision to terminate and liquidate the trust created under its IMTA, and in view of Canna's failure, after repeated demands, to buy in and cancel the 724,000 shares of Cass A common shares which it caused to be issued in violation of its Certificate of Incorporation, thereby diluting the value of the trust, Continental as trustee under the IMTA has filed an action in New York Supreme Court against Canna Global, its CEO Gerald Combs, and its counsel, Rimon PC, seeking, inter alia, an injunction compelling the defendants to repurchase the erroneously issued shares for cancellation or monetary damages to adequately compensate the trust. The action alleges that Canna Global and Combs made knowingly false or negligent representations to cause the 724,000 shares to be issued and acted in breach of their fiduciary duties, and that Rimon aided and abetted these wrongful acts and conspired with the other defendants, all for their personal benefit.
CST Contact:
Michael Mullings, CCO
Email: mmullings@continentalstock.com