LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Tingo Group, Inc. (“Tingo” or “the Company”) (NASDAQ: TIO) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Tingo is the subject of a report by Hindenburg Research published on June 6, 2023, titled: “Tingo Group: Fake Farmers, Phones, and Financials-The Nigerian Empire That Isn’t.” The report alleges that the Company is, “an exceptionally obvious scam with completely fabricated financials.” Amongst other allegations, the report claims that the Company’s image of a planned facility is actually a “rendering of an oil refinery from a stock photo website.” Hindenburg also claims that “Tingo’s cash flow and balance sheet statements do not reconcile and show major errors indicating a complete lack of financial controls. Its cash flow statements regularly subtract items from cash that should be added and vice versa.” Based on this news, shares of Tingo dropped more than 54% in intraday trading on the same day.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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