Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 Investing In Jumia Technologies AG To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Jumia Technologies AG ("Jumia" or the "Company")(NYSE: JMIA) of the July 15, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Jumia stock or options between April 12, 2019 and May 9, 2019 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Jumia American Depository Shares ("ADSs") between April 12, 2019 and May 9, 2019 (the "Class Period"). The case, Strugala v. Jumia Technologies AG et al, No. 19-cv-04397 was filed on May 14, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (a) Jumia had materially overstated its active customers and active merchants; (b) 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; (c) Jumia failed to sufficiently disclose related party transactions; and (d) Jumia’s financial statements were presented in violation of applicable accounting standards.
Specifically, on April 15, 2019, Jumia filed the Prospectus with the Securities and Exchange Commission ("SEC"). The Prospectus contained materially false and misleading statements and omissions about the Company’s orders, order cancellations, undelivered orders, returned orders, active consumers, active merchants and related party transactions. Then on May 9, 2019, Citron Research issued the Citron Report announcing "Jumia is a Fraud" that "deserves immediate SEC attention."
On this news, Jumia's share price fell from $33.11 per share on May 8, 2019 to a closing price of $24.50 on May 10, 2019: a $8.61 or a 26% drop.
Jumia Technologies AG (JMIA)
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Filed on 05/09/2019
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