Lead Plaintiff Deadline is July 15, 2019
NEW YORK, May 21, 2019 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Jumia Technologies AG (“Jumia” or the “Company”) (NYSE: JMIA) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the American Depositary Receipts (“ADR’s”) of Jumia between April 12, 2019 through May 9, 2019, inclusive (the “Class Period”).
Investors who purchased the ASR’s of Jumia Technologies AG are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.
If you have incurred losses in the ADR’s of Jumia Technologies AG, you may, no later than July 15, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Jumia Technologies AG.
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The filed Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that:
- Jumia had materially overstated its active customers and active merchants;
- Jumia’s representations about its orders, order cancellations, undelivered orders and returned orders lacked a sufficient factual basis and materially overstated Jumia’s sales;
- Jumia failed to sufficiently disclose related party transactions;
- Jumia’s financial statements were presented in violation of applicable accounting standards; and
- as a result of the foregoing, defendants’ positive statements about Jumia’s business, operations, and prospects, were materially misleading and lacked a reasonable basis.
Jumia completed its Initial Public Offering (IPO) in April 2019 for net proceeds of approximately $280 million. Less than a month after, Citron Research issued a research report announcing that “Jumia is a Fraud” that “deserves immediate SEC attention.” According to the Citron Report, while media in the U.S. naively anointed Jumia the “Amazon of Africa,” numerous articles have been issued in its home country of Nigeria claiming widespread fraud. An investigation by Nigerian news reporters described the company as “struggling to survive over internal fraudulent activities” and “filled with many shady deals.”
Citron Report further notes that just prior to the IPO, Jumia issued a confidential investor presentation in October 2018 with financial metrics that significantly differed from its registration
When the truth was revealed, Jumia’s ADR’s declined approximately 28% on heavy trading volume over a two-day period, from $33.11 per ADR on May 8, 2019 to $24.50 per ADR on May 10, 2019.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
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