LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz continues its investigation of Jianpu Technology Inc. (“Jianpu” or the “Company”) (NYSE: JT) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On February 16, 2021, Jianpu announced the results of its independent review into “transactions carried out by the Credit Card Recommendation Business Unit” with third-party business entities. The Company concluded that previously-reported revenue and associated expenses had been inflated due to “certain transactions [that] involved third-party agents (including both upstream agents and downstream suppliers) with undisclosed relationships and some transactions [that] lacked business substance.” Jianpu stated that it “anticipates the total amount of overstated revenue for the fiscal years 2018 and 2019 to be approximately, RMB 90 million and RMB 164 million, respectively, representing approximately 4.5% and 10.1% of the total revenue previously reported.”
On this news, the Company’s share price fell $0.60, or 13%, to close at $3.94 per share on February 16, 2021, thereby injuring investors.
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If you purchased Jianpu 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 firstname.lastname@example.org, 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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