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Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Jumia Technologies AG

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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”) reminds investors of the upcoming July
15, 2019 
deadline to file a lead plaintiff motion in the class
action filed on behalf of Jumia Technologies AG (“Jumia” or the
“Company”) (NYSE: JMIA)
investors who purchased securities between April 12, 2019 and
May 9, 2019
, inclusive (the “Class Period”).

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 [email protected],
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.

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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 or otherwise acquired Jumia securities during the Class
Period you may move the Court no later than July 15, 2019 to
request appointment as lead plaintiff in this putative class action
lawsuit. To be a member of the class action 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 action. If you wish to learn
more about this class action, or if you have any questions concerning
this announcement or your rights or interests with respect to the
pending class action lawsuit, 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 [email protected],
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.

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Contacts

Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
[email protected]
www.glancylaw.com


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