Loading, Please Wait...
NEW YORK, May 15, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Jumia Technologies AG (“Jumia” or the “Company”) (NYSE: JMIA). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Jumia and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 9, 2019, Citron Research (“Citron”) issued a report alleging that Jumia is the “most obvious fraud” that Citron had ever encountered, citing alleged “material discrepancies” between a confidential investor presentation by Jumia in October 2018 and the Company’s representations to the U.S. Securities and Exchange Commission. According to Citron, Jumia inflated active customer and active merchant numbers by 20% to 30% and concealed the fact that 41% of the Company’s orders were returned, not delivered or canceled.
On this news, Jumia’s American depositary receipt (“ADR”) price fell $6.22 per share, or over 18.8%, to close at $26.89 per share on May 9, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby