LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Tingo Group, Inc. (“Tingo” or the “Company”) (NASDAQ: TIO) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On June 6, 2023, Hindenburg Research published a report which alleged that Tingo “is an exceptionally obvious scam with completely fabricated financials.” The report stated that Tingo’s founder, “Dozy” Mmobuosi “appears to have fabricated his biographical claim to have developed the first mobile payment app in Nigeria,” amongst other “numerous red flags” with his background. The report further detailed evidence of Tingo as a “fraud,” including websites with nonfunctioning links, fake testimonials, and stock photos, as well as farming cooperatives with supposed contractual relationships with the Company having no knowledge of Tingo, or stating that Tingo “are scammers.”
On this news, Tingo’s stock price fell as much as 80% during intraday trading on June 6, 2023, thereby injuring investors.
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If you purchased Tingo 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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