HUBB Ventures Inc. (OTC:HUBV) Stock on Watchlist Following Major News
The United States-based technology and software enablement firm HUBB Ventures Inc. (OTC:HUBV) is primarily involved in providing its market-leading products to small, medium, and enterprise-sized businesses. Yesterday, the company came into focus after it announced that it had inked a partner affiliate and referral deal with Diamond Elite Merchant Solutions LLC. Diamond Elite is a leading payment services and merchant solutions provider.
In the news release, it was revealed that the two companies would collaborate on competitively priced financial solutions and integrated payment offerings for HUBB and its clients. Diamond Elite boasts an advanced payment technology stack, which can help businesses accept payments easily and quickly. Borys Rafalowics, the Chief Executive Officer of HUBB Ventures, noted that Diamond Elite’s specific experience in the payment aspect of the financial services sector made it a standout candidate.
While the announcement made yesterday was a significant one, there was another significant development related to HUBB Ventures in June 2023. On June 29, 2023, the company announced that on June 13, it had mutually agreed to settle shareholder litigation in Florida with Abdellatif Bedier, an ex-employee. The two parties mutually agreed to settle the derivative action lawsuit against HUBB Ventures filed at the Eleventh Judicial Circuit Court located in Miami-Dade, Florida.
It was noted that, as per the settlement of the derivative action, HUBB Ventures denied that it had been involved in any wrongdoing. It also denied having any liability. The company’s CEO noted at the time that everyone at the company was pleased at having put the lawsuit behind them, given the degree of uncertainty it had caused. He went on to note that after weighing the option of trying the case and settling, the company chose to settle since a trial would have been expensive and burdensome.
