LOS ANGELES, CA / ACCESSWIRE / November 27, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class-action lawsuit against Pintec Technology Holdings Limited ("Pintec" or "the Company") (NASDAQ:PT) violations of the federal securities laws.
Investors who purchased the Company's shares pursuant and/or traceable to the registration statement issued in connection with the Company's October 2018 initial public offering (the "IPO") are encouraged to contact the firm before November 30, 2020.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com or by email at firstname.lastname@example.org.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Pintec improperly recorded technical service revenues on a net basis instead of on a gross basis. The Company suffered from material weaknesses in its internal controls on financial reporting. In particular, the Company had poor controls on cash advances to a related party. Based on these weaknesses, the Company misstated its financials for 2017 and 2018. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Pintec, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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SOURCE: The Schall Law Firm
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