BENSALEM, Pa., Aug. 29, 2019 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith continues its investigation on behalf of Pintec Technology Holdings Limited (“Pintec” or the “Company”) (NASDAQ: PT) investors concerning the Company and its officers’ possible violations of federal securities laws.
In October 2018, Pintec completed its initial public offering (“IPO”) in which it sold more than 3.7 million American Depositary Shares (or “ADSs”) at $11.88 per share.
On April 30, 2019, the Company disclosed that it could not timely file its 2018 annual report, its first filing on Form 20-F since it went public.
Then, on July 30, 2019, after the market closed, the Company 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 $1.068 million net income.
On this news, the Company’s share price fell $0.53, or more than 13%, over the next several trading sessions, to close at $3.40 per share on August 5, 2019, thereby injuring investors.
Then, on August 14, 2019, after the market closed, the Company announced the resignation of an independent director, Feng Hong.
On this news, the Company’s share price fell $0.30, or more than 7%, to close at $3.86 per share on August 15, 2019, thereby injuring investors further.
Since the IPO, Pintec’s stock has traded as low as $2.80 per share, significantly below the $11.88 offering price.
If you purchased Pintec securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com