TINGO SHAREHOLDER ACTION REMINDER: Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Tingo To Contact Him Directly To Discuss Their Options
NEW YORK, June 10, 2023
NEW YORK, June 10, 2023 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Tingo Group, Inc. ("Tingo" or the "Company") (NASDAQ: TIO) and reminds investors of the August 7, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Tingo stock or options between December 1, 2022 and June 6, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/TIO.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company overstated its revenue and other accounting metrics, creating a false impression of success; (2) the Company was not meaningfully engaged in many of the business activities that it claimed would drive future growth; (3) many of the Company's supposed contracts with customers and suppliers did not exist; and (4) in light of the above, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Before the market 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 Hindenburg Report concluded that Tingo is a brazen fraud with no legitimate business operations. Tingo's revenue metrics from various subsidiaries are vastly inflated when compared with their paltry or nonexistent business activities. According to Hindenburg, Tingo has proclaimed that it is building state-of-the-art facilities that do not exist, 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.
On the day the Hindenburg Report was published, Tingo's share price fell $1.23 per share, or 48%, to close at $1.32 per share, on high trading volume.
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 Tingo's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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