LOS ANGELES–(BUSINESS WIRE)–$JT #CLASSACTION—Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Jianpu Technology, Inc. (“Jianpu” or the “Company”) (NYSE: JT) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Jianpu investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/jianpu-technology-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On February 16, 2021, Jianpu announced the results of its independent review into “transactions carried out by the Credit Card Recommendation Business Unit” with third-party business entities. The Company concluded that previously-reported revenue and associated expenses had been inflated due to “certain transactions [that] involved third-party agents (including both upstream agents and downstream suppliers) with undisclosed relationships and some transactions [that] lacked business substance.” Jianpu stated that it “anticipates the total amount of overstated revenue for the fiscal years 2018 and 2019 to be approximately, RMB 90 million and RMB 164 million, respectively, representing approximately 4.5% and 10.1% of the total revenue previously reported.”
On this news, the Company’s share price fell $0.60, or 13%, to close at $3.94 per share on February 16, 2021, thereby injuring investors.
Whistleblower Notice: Persons with non-public information regarding Jianpu should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
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