SAN DIEGO, Aug. 29, 2024 (GLOBE NEWSWIRE) — Shareholder rights law firm Johnson Fistel, LLP is investigating whether iLearningEngines, Inc. (NASDAQ: AILE) or any of its executive officers or others violated securities laws by misrepresenting or failing to timely disclose material, adverse information to investors. The investigation focuses on investors’ losses and whether they may be recovered under federal securities laws.
What if I purchased iLearningEngines securities? If you purchased securities and suffered losses on your investment, join our investigation now:
Click Here to Join the Investigation
Or for more information, contact Jim Baker at jimb@johnsonfistel.com or (619) 814-4471.
There is no cost or obligation to you.
What is Johnson Fistel investigating? On August 27, 2024, Hindenburg Research issued a report on iLearningEngines highlighting a number of concerns regarding the company’s operations. According to the report, in November 2023, before the IPO, the SEC inquired whether the “Technology Partner” was a related party. The company replied that it was not.
Hindenburg states further that “Technology Partner” is a UAE-based entity named Experion Technologies, identified through documents related to a debt transaction. We believe this entity is an undisclosed related party, suggesting that iLearningEngines misled the SEC. According to a 2020 web capture, the American contact for Experion was listed as the CEO of iLearningEngines. Additionally, a 2022 web capture showed the American address for Experion as the personal residence of iLearningEngines’ CEO.
Following this news, the company’s stock price dropped by 46% during pre-market trading on August 29, 2024.
What if I have relevant nonpublic information? Individuals with nonpublic information regarding the company should consider whether to assist our investigation or take advantage of the SEC Whistleblower program. Under the SEC program, whistleblowers who provide original information may, under certain circumstances, receive rewards totaling up to thirty percent of any successful recovery made by the SEC. For more information, contact Jim Baker at (619) 814-4471 or jimb@johnsonfistel.com.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com.
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Contact:
Johnson Fistel, LLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471
jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
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