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by Mike Caswell

Mobilum Technologies Inc., a mostly inactive Canadian Securities Exchange listing, is facing a lawsuit in the Supreme Court of British Columbia for misleading an investor. The suit claims that Mobilum raised $900,000 (U.S.) in 2019 based on presentations and reports that turned out to be untrue, with the company having since failed to make any money or even establish its intended business. The suit seeks the court-ordered return of the investor's money.

The allegations are contained in a notice of claim filed at the Vancouver courthouse on Dec. 4, 2023. The plaintiff is NK Equities Investments Ltd., a company incorporated in the Cayman Islands. The suit names as defendants Mobilum and a subsidiary company, uBuck Technologies SEZC.

The case arises from money that NK Equities claims to have invested in uBuck in 2019. According to the suit, NK understood that uBuck was a digital wallet company, with the company making those representations in an investment summary and valuation report describing uBuck's operations. Based on what it learned, NK purchased 1.8 million shares, paying $900,000 (U.S.), the suit states.

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