Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, is reminding investors that the deadline to move for lead plaintiff in a securities class action lawsuit against Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”) and certain other defendants (collectively, “Defendants”) is August 7, 2023.
The action, which was filed in the U.S. District Court for New Jersey asserts claims under §§10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) on behalf of a Class consisting of all persons who purchased or otherwise acquired Tingo common stock between December 1, 2022 and June 6, 2023, inclusive (the “Class Period”), and who were damaged thereby (the “Class”).
Tingo, through its subsidiaries, designs, develops, manufactures, and sells mobile computing solutions to customers worldwide.
According to the complaint filed in this class action, 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.
On June 6, 2023, market analyst Hindenburg Research (“Hindenburg”) issued a report calling Tingo “an exceptionally obvious scam” whose financials are “completely fabricated.” Hindenburg also alleged that Tingo’s founder and Chief Executive Officer made false and misleading claims about his past, that its telecommunications business is fraudulent, and that the Company’s revenue claims related to its food business are untrue, among other things.
On this news, Tingo’s stock price fell $1.23 per share, or 48.24%, to close at $1.32 per share on June 6, 2023.
Lead Plaintiff Deadline
The Lead Plaintiff deadline in this action is August 7, 2023. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
What You Can Do
If you purchased Tingo common stock during the Class Period, and suffered damages, realized or unrealized, you are encouraged to contact Scott+Scott attorney Jonathan Zimmerman at (888) 398-9312, or email@example.com, for more information.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, Virginia, California, and Ohio.