Philadelphia, Pennslyvania–(Newsfile Corp. – June 21, 2023) – Berger Montague advises investors that a securities fraud class action lawsuit has been filed against Tingo Group, Inc. (“Tingo”) (NASDAQ: TIO) on behalf of those who purchased Tingo securities between December 1, 2022 and June 6, 2023, inclusive (the “Class Period”).
Investor Deadline: Investors who purchased or acquired Tingo securities during the Class Period may, no later than August 7, 2023, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at jmaro@bm.net or (267) 637-3176, or Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015 or visit: https://investigations.bergermontague.com/tingo/.
Tingo is a holding company whose subsidiaries and related entities operate in the financial technology and agri-fintech industries, primarily in Africa, the Middle East, and South Asia. Tingo owns Tingo Group Holdings LLC (“TGH”), an agri-fintech company operating in Africa, Tingo Mobile Limited (“Tingo Mobile”), and Tingo Foods PLC (“Tingo Foods”), which operates in the food processing industry in Nigeria.
Before trading opened on June 6, 2023, noted short seller Hindenburg Research published a report titled “Tingo Group: Fake Farmers, Phones, and Financials-The Nigerian Empire That Isn’t.” The Hindenberg Report alleged that Tingo’s purportedly state-of-the-art facilities it claims to be building do not exist, that it has contracts with customer and suppliers who deny ever having heard of Tingo, and has hundreds of millions of dollars in cash reserves that are unaccounted for. Tingo’s repeated lies to investors began after the acquisition of Tingo Mobile and Tingo Foods from entities controlled by defendant Dozy Mmobuosi, an entrepreneur who has fabricated his educational and professional background and gained hundreds of millions of dollars in the transactions with Tingo.
Following this news, Tingo’s share price fell $1.23 per share, or 48%, to close at $1.32.
The complaint alleges that throughout the Class Period, the defendants failed to disclose to investors that: (1) Tingo overstated its revenue and other accounting metrics, creating a false impression of success; (2) Tingo was not meaningfully engaged in many of the business activities that it claimed would drive future growth; and (3) many of Tingo’s supposed contracts with customers and suppliers did not exist.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Whistleblowers: Anyone with non-public information regarding Tingo is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., San Diego, San Francisco, Chicago, and Toronto has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
James Maro, Senior Counsel
Berger Montague
(267) 637-3176
jmaro@bm.net
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/170878
Source: Newsfile Corp.
Release ID: 652403