BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith continues its investigation on behalf of Jianpu Technology, Inc. (“Jianpu” or the “Company”) (NYSE: JT) investors concerning the Company and its officers’ possible violations of federal securities laws.
On February 16, 2021, Jianpu announced the results of its independent review into “transactions carried out by the Credit Card Recommendation Business Unit” with third-party business entities. The Company concluded that previously-reported revenue and associated expenses had been inflated due to “certain transactions [that] involved third-party agents (including both upstream agents and downstream suppliers) with undisclosed relationships and some transactions [that] lacked business substance.” Jianpu stated that it “anticipates the total amount of overstated revenue for the fiscal years 2018 and 2019 to be approximately, RMB 90 million and RMB 164 million, respectively, representing approximately 4.5% and 10.1% of the total revenue previously reported.”
On this news, the Company’s share price fell $0.60, or 13%, to close at $3.94 per share on February 16, 2021, thereby injuring investors.
If you purchased Jianpu securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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