BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased 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 60 days from the date of this notice to file a lead plaintiff motion.
Investors suffering losses on their Jumia investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.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.
If you purchased shares of Jumia, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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