PHILADELPHIA, May 15, 2019 /PRNewswire/ -- Berger Montague announces that a class action lawsuit has been filed against Jumia Technologies AG ("Jumia" or the "Company) (JMIA) and several of its executives on behalf of those who purchased the American Depositary Shares ("ADSs") of Jumia between April 12, 2019 and May 9, 2019, inclusive (the "Class Period").
If you wish to discuss the claims against Jumia or have any questions concerning your rights or interests, please contact Barbara A. Podell, Esq. at 215-875-4690 or Michael C. Dell'Angelo, Esq. at (215) 875-3080 or visit www.bergermontague.com. If you purchased or acquired Jumia ADSs during the Class Period and suffered damages, you may, no later than July 15, 2019, request that the Court appoint you lead plaintiff of the proposed Class. You do not need to be a lead plaintiff to share in any possible recovery to the Class.
The complaint charges Jumia and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Jumia operates a pan-African e-commerce platform, with principal executive offices in Berlin, Germany.
The complaint, which was filed in the Southern District of New York, alleges that during the Class Period, defendants made materially false and misleading statements about Jumia and its business. These statements are alleged to be materially false and misleading because they failed 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 Jumia's sales; (c) Jumia failed to sufficiently disclose related party transactions; and (d) Jumia's financial statements were presented in violation of applicable accounting standards.
Berger Montague, with offices in Philadelphia, Minneapolis and Washington, D.C., has been a pioneer in securities class action litigation since its founding in 1970, has represented individual and institutional investors for over four decades and serves as lead counsel in courts throughout the United States.
Barbara A. Podell
Michael C. Dell'Angelo
SOURCE Berger Montague