TIO INVESTOR ALERT: Tingo Group, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit
SAN DIEGO, June 10, 2023
SAN DIEGO, June 10, 2023 /PRNewswire/ -- The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Tingo Group, Inc. (NASDAQ: TIO) securities between December 1, 2022 and June 6, 2023, inclusive (the "Class Period") have until August 7, 2023 to seek appointment as lead plaintiff of the Tingo Group class action lawsuit. The Tingo Group class action lawsuit charges Tingo Group, certain of its top executives, and a majority shareholder of Tingo, Inc. with violations of the Securities Exchange Act of 1934. The first-filed complaint is captioned Arbour v. Tingo Group, Inc., No. 23-cv-03151 (D.N.J.). A subsequently filed complaint is captioned Bloedorn v. Tingo Group Inc., No. 23-cv-03153 (D.N.J.).
If you suffered substantial losses and wish to serve as lead plaintiff of the Tingo Group class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Tingo Group purports to be a holding company that operates in the areas of financial technology and agri-fintech through its subsidiaries and entities. As of March 30, 2023, Tingo, Inc. owned 15.7% of Tingo Group's outstanding common stock.
The Tingo Group class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Tingo, Inc.'s majority shareholder, defendant Dozy Mmobuosi, fabricated biographical claims about himself; (ii) Tingo Group had photoshopped its logo onto pictures of airplanes it did not own; (iii) Tingo Group inflated its food division margins; (iv) Tingo Group published misleading images of its planned Nigerian food processing facility and overstated its progress on the facility's construction; (v) Tingo Group inflated its food inventory; (vi) Tingo Group did not have relationships with the two farming cooperatives it claimed; (vii) Tingo Group did not generate $128 million in revenue for its handset leasing, call, and data segments as it claimed; (viii) Tingo Group's mobile operation in Nigeria was delinquent on its tax obligations; (ix) Tingo Group photoshopped its logo over pictures from a different point of sale system operator's website; (x) Tingo Group did not generate $125.3 million in revenue from its online marketplace, NWASSA; (xi) Tingo Group's agricultural export business was not on track to deliver $1.34 billion in exports by the third quarter of 2023; and (xii) Tingo Group lacked effective controls over accounting and financial reporting.
On June 6, 2023, Hindenburg Research published a report titled "Tingo Group: Fake Farmers, Phones, and Financials – The Nigerian Empire That Isn't." The report concluded, among other things, that Tingo Group is a "scam with completely fabricated financials." The report further claimed that defendant Mmobuosi appears to have fabricated his biographical claims, including that he developed the first mobile payment app in Nigeria and that he received a Ph.D. in rural advancement from a Malaysian university in 2007. The report also revealed that Tingo Group appears to have made several other false representations about its business. On this news, the price of Tingo Group stock fell more than 48%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Tingo Group securities during the Class Period to seek appointment as lead plaintiff in the Tingo Group class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Tingo Group class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Tingo Group class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Tingo Group class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world's leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs' firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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SOURCE Robbins Geller Rudman & Dowd LLP