NEW YORK, June 15, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of purchasers of Tingo Group, Inc. (“Tingo” or the “Company”) common stock (NASDAQ: TIO) between December 1, 2022 and June 6, 2023, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired Tingo common stock during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than August 7, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
On June 6, 2023, before the market opened, short seller Hindenburg Research published a report titled "Tingo Group: Fake Farmers, Phones, and Financials-The Nigerian Empire That Isn't."
According to the Hindenburg Report, Tingo is a “brazen fraud.” Further, according to the complaint and the Hindenburg Report, Tingo has proclaimed that it is building state-of-the-art facilities that do not exist, has contracts with customer and suppliers who deny ever having heard of Tingo, and has hundreds of millions of dollars in cash reserves that are unaccounted for. Further, according to the complaint, Tingo's repeated lies to investors began after the acquisition of Tingo Mobile and Tingo Foods from entities controlled by Defendant Dozy Mmobuosi, an entrepreneur who has fabricated his educational and professional background and gained hundreds of millions of dollars in the transactions with Tingo.
On June 6, 2023, following the publication of the Hindenburg Report, Tingo's share price fell $1.23 per share, or 48%, to close at $1.32 per share.
The complaint alleges that throughout the Class Period, Defendants misled investors by failing to disclose that (1) the Company overstated its revenue and other accounting metrics, creating a false impression of success, (2) the Company was not meaningfully engaged in many of the business activities that it claimed would drive future growth, (3) many of the Company's supposed contracts with customers and suppliers did not exist, and (4) in light of the above, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
