LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, continues its investigation on behalf of Pintec Technology Holdings Limited (“Pintec” or the “Company”) (NASDAQ: PT) investors concerning the Company and its officers’ possible violations of the federal securities laws.
If you suffered a loss on your Pintec investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/pintec-technology-holdings-limited/.You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
In October 2018, Pintec completed its initial public offering (“IPO”) in which it sold more than 3.7 million American Depositary Shares (or “ADSs”) at $11.88 per share.
On July 30, 2019, after the market closed, the Company filed its 2018 annual report in which it restated certain results. Among other things, the Company reported net income of $315,000 for fiscal 2018, compared to its prior disclosure of $1.068 million net income.
On this news, the Company’s share price fell $0.53, or more than 13%, over the next several trading sessions, to close at $3.40 per share on August 5, 2019, thereby injuring investors.
Then, on June 15, 2020, after the market closed, Pintec disclosed that it could not timely file its 2019 annual report and that it anticipated reporting a significant change in results of operations. Specifically, the Company disclosed that it "erroneously recorded revenue earned from certain technical service fee on a net basis" for fiscal 2017 and 2018. Moreover, Pintec "announced a net loss of RMB906.5 million in the full year of 2019 due to RMB890.7 million of provision for credit loss in amounts due from a related party, Jimu Group, and RMB200 million of impairment in prepayment for long-term investment."
Since the IPO, Pintec’s stock has traded as low as $0.92 per share, significantly below the $11.88 offering price.
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Whistleblower Notice: Persons with non-public information regarding Pintec should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.
About GPM
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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