NEW YORK, May 16, 2019 /PRNewswire/ -- 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 Company.
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 here: www.faruqilaw.com/JMIA. 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
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Attn: Richard Gonnello, Esq.
Telephone: (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 accounting standards.
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 attention."
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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