NEW YORK–(BUSINESS WIRE)–$JMIA #classaction–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 [email protected],
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.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq., (212) 371-6600
[email protected]
www.kmllp.com
