Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Jumia Technologies AG Investors
LOS ANGELES–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24JMIA&src=ctag” target=”_blank”gt;$JMIAlt;/agt; lt;a href=”https://twitter.com/hashtag/CLASSACTION?src=hash” target=”_blank”gt;#CLASSACTIONlt;/agt;–Glancy
Prongay & Murray LLP (“GPM”), a national investors rights law
firm, announces that a class action lawsuit has been filed on behalf of
investors that acquired Jumia Technologies AG (“Jumia” or the “Company”)
(NYSE: JMIA)
securities between April 12, 2019 and May 9, 2019, inclusive (the
“Class Period”). Jumia investors have until July 15, 2019 to
file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here
to participate.
If you wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire, at
310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com,
or visit our website at www.glancylaw.com.
On May 9, 2019, Citron Research reported that Jumia is the “most obvious
fraud” the firm has ever seen in 18 years of publishing research. Citron
further emphasized the company’s “material discrepancies” between the
confidential investor presentation from October 2018 and what the
company told the Securities and Exchange Commission, including:
inflating active customer and active merchant numbers by 20% to 30%; and
that 41% of orders were returned, not delivered or canceled.
On this news, shares of Jumia fell $6.22, or over 18%, to close at
$26.89 on May 9, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the
Class Period, Defendants made materially false and/or misleading
statements, as well as failed to disclose material adverse facts about
the Company’s business, operations, and prospects. Specifically,
Defendants failed to disclose to investors: (1) that the Company had
materially overstated its active customers and active merchants; (2)
that the Company’s representations about its orders, order
cancellations, undelivered orders and returned orders lacked a
sufficient factual basis and materially overstated the Company’s sales;
(3) that the Company failed to sufficiently disclose related party
transactions; and (4) that, as a result of the foregoing, Defendants’
positive statements about the Company’s business, operations, and
prospects, were materially misleading and/or lacked a reasonable basis.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased shares of Jumia during the Class Period you may move
the Court no later than July 15, 2019 to ask the Court
to appoint you as lead plaintiff. To be a member of the Class you need
not take any action at this time; you may retain counsel of your choice
or take no action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century
Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150,
Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com,
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
www.glancylaw.com
shareholders@glancylaw.com