SAN DIEGO, May 28, 2019 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of shareholders of Jumia Technologies AG ("Jumia") (NYSE: JMIA). If you wish to serve as lead plaintiff in this class action, you must move the Court no later than July 15, 2019.
On May 28, 2019, Andrew Left, managing editor of Citron Research ("Citron") published a report entitled "Jumia – Indisputable Evidence of Fraud " wherein Left detailed a series of alarming s fraudulent business activities. Specifically, Citron stated that "Former executives from Jumia have volunteered to provide indisputable evidence that Jumia is a complete fraud." This report was preceded by a report on May 9, 2019, when Citron Research issued a release announcing "Jumia is a Fraud" that "deserves immediate SEC attention." The report alleged that Jumia misrepresented its active consumer and active merchant figures, among other things.
Following the May 9, 2019, report a class action was filed for purchasers of Jumia between April 12, 2019 and May 9, 2019. The lawsuit alleges defendants made false and misleading statements and/or failed to disclose information to investors, specifically that: (1) Jumia 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.
If you purchased Jumia between April 12, 2019 and May 9, 2019, inclusive, or if you have questions about this notice or your legal rights, please contact Jim Baker (email@example.com) by email or phone at 619-814-4471. If emailing, please include a phone number.
Additionally, you can [click here to join this action]. There is no cost or obligation to you.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471
SOURCE Johnson Fistel, LLP