NEW YORK–(BUSINESS WIRE)–Faruqi & Faruqi, LLP, a leading national securities law firm, reminds
investors in Jumia Technologies AG (“Jumia” or the “Company”)(NYSE:
JMIA) of the July 15, 2019 deadline to seek the role of lead plaintiff
in a federal securities class action that has been filed against the
If you invested in Jumia stock or options between April 12, 2019 and
May 9, 2019 and would like to discuss your legal rights, click
There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292
or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
685 Third Avenue,
New York, NY 10017
Attn: Richard Gonnello, Esq.
(877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern
District of New York on behalf of all those who purchased Jumia American
Depository Shares (“ADSs”) between April 12, 2019 and May 9, 2019 (the
“Class Period”). The case, Strugala v. Jumia Technologies
AG et al, No. 19-cv-04397 was filed on May 14, 2019.
The lawsuit focuses on whether the Company and its executives violated
federal securities laws by failing to disclose that: (a) Jumia had
materially overstated its active customers and active merchants; (b)
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; (c) Jumia failed to
sufficiently disclose related party transactions; and (d) Jumia’s
financial statements were presented in violation of applicable
Specifically, on April 15, 2019, Jumia filed the Prospectus with the
Securities and Exchange Commission (“SEC”). The Prospectus contained
materially false and misleading statements and omissions about the
Company’s orders, order cancellations, undelivered orders, returned
orders, active consumers, active merchants and related party
transactions. Then on May 9, 2019, Citron Research issued the Citron
Report announcing “Jumia is a Fraud” that “deserves immediate SEC
On this news, Jumia’s share price fell from $33.11 per share on May 8,
2019 to a closing price of $24.50 on May 10, 2019: a $8.61 or a 26% drop.
The court-appointed lead plaintiff is the investor with the largest
financial interest in the relief sought by the class who is adequate and
typical of class members who directs and oversees the litigation on
behalf of the putative class. Any member of the putative class may move
the Court to serve as lead plaintiff through counsel of their choice, or
may choose to do nothing and remain an absent class member. Your ability
to share in any recovery is not affected by the decision to serve as a
lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding
Jumia’s conduct to contact the firm, including whistleblowers, former
employees, shareholders and others.
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Prior results do not guarantee or predict a similar outcome with respect
to any future matter. We welcome the opportunity to discuss your
particular case. All communications will be treated in a confidential