NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Jumia Technologies AG (“Jumia” or the “Company”) (NYSE: JMIA) securities during the period from April 12, 2019 to May 9, 2019 (the “Class Period”). Investors have until July 15, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Jumia’s statements were materially false and misleading because they failed to disclose that: (i) Jumia had materially overstated its active customers and active merchants; (ii) Jumia’s representations about its orders, order cancellations, undelivered orders and returned orders lacked a sufficient factual basis and materially overstated the Company’s sales; (iii) Jumia failed to sufficiently disclose related party transactions; and (iv) Jumia’s financial statements were presented in violation of applicable accounting standards.
On or about April 12, 2019, Jumia sold 13.5 million shares of stock in its initial public offering (the “IPO”), at $14.50 per share raising $196 million in new capital. On May 9, 2019, Citron Research published a report accusing Jumia of overstating certain financial metrics in its April 2019 IPO prospectus and omitting adverse information about the number of returned, undelivered, or canceled orders from the prospectus.
On this news, Jumia’s share price fell $6.22 per share, approximately 18.8%, to close at $26.89 on May 9, 2019.
If you acquired Jumia securities during the Class Period, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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