NEW YORK, Feb. 24, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Jianpu Technology Inc. ("Jianpu" or the "Company") (NYSE: JT). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Jianpu and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On June 15, 2020, in a Notification of Late Filing with the U.S. Securities and Exchange Commission, Jianpu disclosed that the independent audit committee of its board of directors (the "Audit Committee") was conducting an internal review of certain matters relating to transactions between the Company and third-party business entities and, as a result, could not timely file its 2019 annual report. Then, on February 16, 2021, Jianpu announced that the Audit Committee's review had found "certain transactions involv[ing] third-party agents . . . with undisclosed relationships, and some transactions lack[ing] business substance," which the Company characterized as "questionable transactions." Jianpu further advised that, "[a]s a result, certain revenue and associated expenses were inflated or inaccurately recorded" in financial statements for fiscal years 2018 and 2019, and that "certain employees improperly altered supporting documents that were provided to the Company's external auditor." As a result, Jianpu concluded that "the previously issued audited financial statements for the fiscal year 2018 and the auditor's report can no longer be relied upon" and would be restated, and that "investors must exercise caution when using the Company's previously announced unaudited financial information for the fiscal year 2019."
On this news, Jianpu's American depositary share ("ADS") price fell $0.60 per ADS, or 13.22%, to close at $3.94 per ADS on February 16, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby, Pomerantz LLP
888-476-6529 ext. 7980
SOURCE Pomerantz LLP