SAN DIEGO & BEIJING--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP is investigating Pintec Technology Holdings Limited (NASDAQ: PT) for potential material misstatements and violations of federal securities laws pursuant to its October 2018 initial public offering ("IPO"). Pintec offered more than $3.7 million American Depository Shares at $11.88 per share and raised $40.7 million in gross proceeds. Pintec's stock has precipitously declined and by August 5, 2019, shares of Pintec closed at only $3.40 per share.
On June 15, 2020, Pintec disclosed that it could not timely file its 2019 annual report, disclosing it had "erroneously recorded revenue earned from certain technical service fee on a net basis" for fiscal 2017 and 2018. Since the IPO, Pintec’s stock has traded as low as $0.92 per share, significantly below the $11.88 offering price.
If you purchased shares of Pintec stock in its October 2018 IPO at $11.88 per share, click here.
Pintec Technology Holdings Limited (PT) Shareholders Have Legal Options
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