HENDERSONVILLE, TN / ACCESSWIRE / May 17, 2019 / The Law Offices of Timothy L. Miles informs investors there has been a class action lawsuit filed against Jumia Technologies AG ("Jumia" or the "Company") (NYSE: JMIA) and certain of its officers accusing the Company of fraudulent activities and asserting alleged violations of the Securities and Exchange Act of 1934 between April 12, 2019 through May 9, 2019. Jumia operates a pan-African e-commerce platform.
According to the complaint, Jumia completed its IPO in April 2019 for net proceeds of approximately $280.2 million. Less than a month after, Citron Research issued a research report announcing that "Jumia is a Fraud" that "deserves immediate SEC attention." According to the Citron Report, while media in the U.S. naively anointed Jumia the "Amazon of Africa," numerous articles have been issued in its home country of Nigeria claiming widespread fraud. An investigation by Nigerian news reporters described Jumia as a company "struggling to survive over internal fraudulent activities" and "filled with many shady deals." Citron Report further notes that just prior to the IPO, Jumia issued a confidential investor presentation in October 2018 with financial metrics that significantly differ from its registration documents. When the truth was revealed, Jumia's ADSs declined approximately 28% on heavy trading volume over a two-day period, from $33.11 per ADS on May 8, 2019 to $24.50 per ADS on May 10, 2019.
If you purchased Jumia 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 Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to [email protected]. If you inquire by email please include your mailing address, telephone number, and the number of shares purchased.
About Timothy L. Miles
Timothy L. Miles has dedicated his career to representing shareholders in complex class-action litigation and has lead the fight to protect shareholder rights for over 17 years. Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2019); PRRAV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rat ed Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Superb Rated Attorney (Avvo); Avvo Rated Lawyer for 2017 & 2018 (Avvo); America's Most Honored Professionals 2018 - Top 1% (The American Registry 2016-2018).
Contact:
Timothy L. Miles, Esq.
Law
Offices of Timothy L. Miles
124 Shiloh Ridge
Hendersonville, TN 37075
Telephone: (855-846-6529)
Email:
[email protected] Website: www.timmileslaw
SOURCE: The Law Offices of Timothy L. Miles