Terra Tech Corporation (OTCQX:TRTC) praises itself for pioneering the future of cannabis. It also says that it is creating relevant brands in both the cannabis industry as well as agriculture. But not everything is running as smoothly for the Irvine, California-based company as one might think. And you can see it in the TRTC stock today.
Terra Tech Sued for Alleged Fraud
Reports came out on December 14th saying Terra Tech has been sued for alleged fraud. For those who don’t know, Terra Tech is an agriculture company that cultivates high-quality cannabis products. It combines the natural world with technology.
Improper auditing, looting successful dispensary operations, and according to Casey Neilon, errors in accounting are a few of the allegations. In the complaint, there were more than 40 claims, with one being that Tera Tech had incorrect statements in its 10-Q filing. In a report by Alan Brochstein of New Cannabis Ventures, there are also allegations claiming Terra Tech did not make rental payments.
TRTC Stock Plunges
In 2018, the TRTC stock has dropped on multiple occasions. But today, December 18th, is one for the books—and not in a good way.
According to Yahoo Finance, as of 1:11 PM, TRTC stock is trading at $0.5551, which puts the stock down 23.96%. Earlier in the trading day, the stock was down more than 30%.
Lawsuits come and go in the world of business, but it’s evident that this is going to be one to keep a close eye on it, particularly for cannabis investors. Same goes for watching the TRTC stock for the rest of the day and week. If the stock continues to plunge, well into the double-digits, the mentality of the market will be known.
What do you think? Do you still support Terra Tech Corporation? Do you think the stock will rebound at some point this week? Let us know what you think in the comments below!
Featured Image: depositphotos/Evgeniy_Bobkov