Thieler Law Corp, member of the Investor Attorney Network, is investigating whether certain officers and directors of Jumia Technologies AG (NYSE: JMIA) violated securities laws in connection with certain financial statements.
The investigation seeks to discover if possible claims on behalf of purchasers of the securities of Jumia Technologies AG (NYSE: JMIA) concerning whether a series of statements by Jumia Technologies AG regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On May 9, 2019, a report by Citron Research revealed that Jumia Technologies is the "most obvious fraud" the firm has ever seen in 18 years of publishing research. Furthermore, the report highlighted the company’s "material discrepancies" between the confidential investor presentation from October 2018 and what the company told the Securities and Exchange Commission, including: inflating active customer and active merchant numbers by 20% to 30%; and that 41% of orders were returned, not delivered or canceled.
Following this news, NYSE: JMIA fell $6.22, or over 18%, to close at $26.89 on May 9, 2019.
Based in Berlin, Germany, and founded in 2012 Jumia Technologies AG operates an e-commerce platform in Africa.
If you purchased shares of Jumia Technologies AG (NYSE: JMIA) on or before May 9, 2019, you should contact Thieler Law Corp at mail@thielerlaw.com or call +1 (619) 377 - 4324.
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