WASHINGTON–(BUSINESS WIRE)–Cohen Milstein Sellers & Toll PLLC is conducting an investigation to
determine whether Jumia Technologies AG (“Jumia” or the “Company”) and
certain of its officers and directors made false and misleading
statements and/or omissions in violation of Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the
Southern District of New York by another law firm on behalf of
purchasers of the common stock of Jumia Technologies AG (NYSE: JMIA)
between April 12, 2019 and May 9, 2019, inclusive (the “Class Period”).
The complaint alleges that Jumia and certain of its officers and
directors (“Defendants”) misrepresented and/or failed to disclose that:
(1) Jumia had materially overstated its active customers and active
merchants; (2) 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;
(3) Jumia failed to sufficiently disclose related party transactions;
and (4) Jumia’s financial statements were presented in violation of
applicable accounting standards.
The Company sold 15.5 million ADSs priced at $14.50 on April 12, 2019.
The Class Period begins the day Jumia ADSs began trading on the New York
Stock Exchange. Less than one month after trading began, on May 9, 2019,
Citron Research issued a report declaring Jumia to be a “fraud” that
“deserves immediate SEC attention.” Citron claimed to have a “smoking
gun,” in the form of a confidential October 2018 investor presentation
the Company used to raise capital months before its initial public
offering. Jumia ADSs fell from $33.11 to $26.89 on May 9 and lost an
additional $2.39 to close at $24.50 on May 10, representing a two-day
decline of approximately 26%.
Cohen Milstein encourages all investors who purchased Jumia’s common
stock between April 12, 2019 and May 9, 2019, or former employees with
information concerning this matter to contact the firm.
If you are a Jumia shareholder and would like to discuss your right to
recover for your economic loss, you may, without any cost or obligation,
call Cohen
Milstein’s Managing Partner, Steven
J. Toll at (888) 240-0775 or (202) 408-4600, or email him at [email protected].
If you wish to serve as lead plaintiff, you must move the Court no later
than July 15, 2019 to request appointment. Any member of the proposed
class may retain Cohen Milstein or other attorneys to serve as your
counsel in this action, or you may do nothing and remain an absent class
member.
Cohen
Milstein has significant experience in prosecuting investor
class actions and actions involving securities fraud and is active in
major litigation pending in federal and state courts throughout the
nation. Cohen Milstein has taken a lead role in numerous important cases
on behalf of defrauded investors and has been responsible for a number
of outstanding recoveries which, in the aggregate, total billions of
dollars. Prior results do not guarantee a similar outcome. For more
information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with
regard to your rights, please contact either of the following:
Steven
J. Toll, Esq. or Marie Mullins
Cohen Milstein Sellers & Toll
PLLC
1100 New York Avenue, N.W.
Fifth Floor
Washington,
D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: [email protected];
[email protected]
Attorney
Advertising
Contacts
Steven
J. Toll, Esq. or Marie Mullins
Cohen Milstein Sellers & Toll
PLLC
1100 New York Avenue, N.W.
Fifth Floor
Washington,
D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: [email protected];
[email protected]
