NEW YORK, NY / ACCESSWIRE / August 30, 2019 / Pomerantz LLP is investigating claims on behalf of investors of Pintec Technology Holdings Limited (“Pintec” or the “Company”) (PT). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Pintec and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or about October 24, 2018, Pintec conducted its initial public offering (“IPO”), selling more than 3.7 million American depositary shares priced at $11.88 per share. On April 30, 2019, Pintec disclosed that it could not timely file its 2018 annual report, its first filing on Form 20-F since going public. Then, on July 30, 2019, after the market closed, Pintec filed its 2018 annual report, in which it restated certain results. Among other things, the Company reported net income of $315,000 for fiscal 2018, compared to its prior disclosure of net income of $1.068 million. On this news, Pintec’s share price fell $0.53, or more than 13%, over the following four trading sessions, to close at $3.40 per share on August 5, 2019. Then, on August 14, 2019, after the market closed, Pintec announced the resignation of an independent director, Feng Hong. On this news, Pintec’s share price fell $0.30, or more than 7%, to close at $3.86 per share on August 15, 2019. Since the IPO, Pintec’s stock has traded as low as $2.80 per share, significantly below the $11.88 offering price.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
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