SAN DIEGO, May 28, 2019 /PRNewswire/ -- Shareholder
rights law firm Johnson Fistel, LLP announces that a class action
lawsuit has commenced on behalf of shareholders of Jumia
Technologies AG ("Jumia") (NYSE: JMIA). If you wish to serve as
lead plaintiff in this class action, you must move the Court no
later than July 15,
2019.
[click here to join this action]
On May 28, 2019, Andrew
Left, managing editor of Citron Research ("Citron")
published a report entitled "Jumia – Indisputable Evidence of Fraud
" wherein Left detailed a series of alarming s fraudulent business
activities. Specifically, Citron stated that "Former
executives from Jumia have volunteered to provide indisputable
evidence that Jumia is a complete fraud." This report was preceded
by a report on May 9, 2019, when
Citron Research issued a release announcing "Jumia is a Fraud" that
"deserves immediate SEC attention." The report alleged that
Jumia misrepresented its active consumer and active merchant
figures, among other things.
Following the May 9, 2019,
report a class action was filed for purchasers of Jumia
between April 12, 2019 and
May 9, 2019. The lawsuit alleges
defendants made false and misleading statements and/or failed to
disclose information to investors, specifically that: (1) Jumia
materially overstated its active customers and active merchants;
(2) Jumia's representations about its orders, order cancellations,
undelivered orders and returned orders lacked a sufficient factual
basis and materially overstated the Company's sales; (3) Jumia
failed to sufficiently disclose related party transactions; and (4)
Jumia's financial statements were presented in violation of
applicable accounting standards.
If you purchased Jumia between April 12,
2019 and May 9, 2019,
inclusive, or if you have questions about this notice or your legal
rights, please contact Jim Baker
(jimb@johnsonfistel.com) by email or phone at 619-814-4471. If
emailing, please include a phone number.
Additionally, you can [click here to join this
action]. There is no cost or obligation to you.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York and Georgia. 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. Attorney advertising. Past results do
not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP