On October 4, 2021, Grizzly Research released a report alleging revenue inflation and suspicious acquisitions by Peak Fintech Group, Inc. The report highlighted Peak Fintech’s acquisition of Heartbeat, a Chinese insurance company, where Peak paid a company that was not the registered owner of Heartbeat. Additionally, the actual registered owner of Heartbeat reported no revenue in both 2019 and 2020. Peak Fintech Group, Inc. stock was halted from trading for 11 days due to filing deficiencies.
On this news, shares of Peak Fintech Group fell over 17% on October 4, 2021.