INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Jumia Technologies A...
June 08 2019 - 10:15AM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Southern District of New York on behalf of those who acquired Jumia
Technologies AG (“Jumia” or the “Company”) (NYSE: JMIA) securities
during the period from April 12, 2019 to May 9, 2019 (the “Class
Period”). Investors have until July 15, 2019 to apply to the Court
to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Jumia’s statements were materially
false and misleading because they failed to disclose that: (i)
Jumia had materially overstated its active customers and active
merchants; (ii) 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; (iii) Jumia failed to sufficiently disclose related party
transactions; and (iv) Jumia’s financial statements were presented
in violation of applicable accounting standards.
On or about April 12, 2019, Jumia sold 13.5 million shares of
stock in its initial public offering (the “IPO”), at $14.50 per
share raising $196 million in new capital. On May 9, 2019, Citron
Research published a report accusing Jumia of overstating certain
financial metrics in its April 2019 IPO prospectus and omitting
adverse information about the number of returned, undelivered, or
canceled orders from the prospectus.
On this news, Jumia’s share price fell $6.22 per share,
approximately 18.8%, to close at $26.89 on May 9, 2019.
If you acquired Jumia securities during the Class Period, have
information, or would like to learn more about these claims, please
contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by
email at investigations@kmllp.com, or by filling out this contact
form, to discuss your rights or interests with respect to these
matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20190608005008/en/
Kirby McInerney LLPThomas W. Elrod, Esq., (212)
371-6600investigations@kmllp.comwww.kmllp.com
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