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 Pintec Technology Holdings Limited (“Pintec” or “the Company”) (NASDAQ: PT) 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. Pintec improperly recorded technical service revenues on a net basis instead of on a gross basis. The Company suffered from material weaknesses in its internal controls on financial reporting. In particular, the Company had poor controls on cash advances to a related party. Based on these weaknesses, the Company misstated its financials for 2017 and 2018. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Pintec, investors suffered damages.
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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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