SAN DIEGO & BERLIN–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24JMIA&src=ctag” target=”_blank”gt;$JMIAlt;/agt; lt;a href=”https://twitter.com/hashtag/ClassAction?src=hash” target=”_blank”gt;#ClassActionlt;/agt;–Shareholder rights law firm Robbins
Arroyo LLP announces that purchasers of Jumia Technologies AG (NYSE:
JMIA) filed a class action complaint against the company for alleged
violations of the Securities and Exchange Act of 1934 between April 12,
2019 through May 9, 2019. Jumia operates a pan-African e-commerce
platform.
View this information on the law firm’s Shareholder Rights Blog:
https://www.robbinsarroyo.com/jumia-technologies-ag/
Jumia Accused of Fraudulent Activities
According to the complaint, Jumia completed its IPO in April 2019 for
net proceeds of approximately $280.2 million. Less than a month after,
Citron Research issued a research report announcing that “Jumia is a
Fraud” that “deserves immediate SEC attention.” According to the Citron
Report, while media in the U.S. naively anointed Jumia the “Amazon of
Africa,” numerous articles have been issued in its home country of
Nigeria claiming widespread fraud. An investigation by Nigerian news
reporters described Jumia as a company “struggling to survive over
internal fraudulent activities” and “filled with many shady deals.”
Citron Report further notes that just prior to the IPO, Jumia issued a
confidential investor presentation in October 2018 with financial
metrics that significantly differ from its registration documents. When
the truth was revealed, Jumia’s ADSs declined approximately 28% on heavy
trading volume over a two-day period, from $33.11 per ADS on May 8, 2019
to $24.50 per ADS on May 10, 2019.
Jumia Healthcare Solutions Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leo Kandinov at (800)
350-6003, [email protected],
or via the shareholder
information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contacts
Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San
Diego, CA 92122
[email protected]
(619)
525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
