LOS ANGELES--(BUSINESS WIRE)--
The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Jianpu Technology Inc. (“Jianpu” or “the Company”) (NYSE: JT) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Prior to Jianpu’s IPO in 2017, the China Banking Regulatory Commission and other regulators issued rules in 2016 requiring peer-to-peer (P2P) lending companies to appoint institutional banking custodians and disclose usage of deposits. The country also set out to create the Financial Stability and Development Committee to oversee reform and industry policy. These government changes combined to result in a large reduction in the number of current and potential peer-to-peer lending providers, the main source of Jianpu’s revenue. Based on these facts, Jianpu’s public comments and the Company’s IPO Registration Statement was false and materially misleading throughout the IPO period. When the market learned the truth about Jianpu, investors suffered damages.
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