NEW YORK, May 16, 2019 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international shareholder and consumer rights litigation firm, is notifying investors that a securities class action lawsuit has been filed against Jumia Technologies AG ("Jumia" or the "Company") (JMIA) and other defendants, related to alleged violations of federal securities laws. In response to the report discussed below, the price of Jumia American Depository Shares ("ADSs") recently dropped approximately 26%, from a close price of $33.11 per share on May 8, 2019 to a close price of $24.50 on May 10, 2019. If you purchased Jumia ADSs between April 12, 2019 and May 9, 2019 (the "Class Period"), you are encouraged to contact Jonathan Zimmerman at (888) 398-9312 for more information.
The lawsuit alleges defendants made false and/or misleading statements and/or failed to disclose information to investors, specifically that: (1) Jumia materially overstated its active customers and active merchants; (2) Jumia'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) Jumia failed to sufficiently disclose related party transactions; and (4) Jumia's financial statements were presented in violation of applicable accounting standards.
On May 9, 2019, Citron Research issued a report announcing "Jumia is a Fraud" that "deserves immediate SEC attention." The report alleged that Jumia misrepresented its active consumer and active merchant figures, among other things. On this news, Jumia's ADS price dropped about 26% from May 8, 2019 to May 10, 2019.
What You Can Do
If you purchased Jumia ADSs between April 12, 2019 and May 9, 2019, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Jonathan Zimmerman at (888) 398-9312, or at email@example.com, or visit the Jumia page on our website at https://scott-scott.com/case/jumia-technologies-ag/. The lead plaintiff deadline is July 15, 2019.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.