NEW
YORK, June 30, 2023 /PRNewswire/ -- Jakubowitz
Law announces that a securities fraud class action
lawsuit has commenced on behalf of shareholders of Tingo Group,
Inc. (NASDAQ: TIO).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/tingo-class-action-loss-submission-form/?id=41534&from=4
The lawsuit seeks to recover losses for shareholders who
purchased Tingo between December 1,
2022 and June 6, 2023.
Shareholders interested in acting as a lead plaintiff
representing the class of wronged shareholders have until
August 7, 2023 to petition the
court. Your ability to share in any recovery doesn't require that
you serve as a lead plaintiff.
According to a filed complaint, Tingo Group, Inc. issued
materially false and/or misleading statements and/or failed to
disclose that: (1) Defendant Mmobuosi fabricated biographical
claims about himself; (2) Tingo had photoshopped its logo onto
pictures of airplanes it did not own; (3) Tingo inflated its food
division margins; (4) Tingo published misleading images of its
planned Nigerian food processing facility and overstated its
progress on the facility's construction; (5) Tingo inflated its
food inventory; (6) Tingo did not have relationships with the two
farming cooperatives it claimed; (7) Tingo did not generate
$128 million in revenue for its
handset leasing, call and data segments as it claimed; (8) Tingo's
Mobile operation in Nigeria was
delinquent on its tax obligations; (9) Tingo photoshopped its logo
over pictures from a different point of sale system operator's
website; (10) Tingo did not generate $125.3
million in revenue from its online marketplace called
NWASSA; (11) Tingo's agricultural export business was not on track
to deliver $1.34 billion in exports
by Q3 2023; (12) Tingo lacked effective controls over accounting
and financial reporting; and (13) as a result of the foregoing,
defendants' positive statements about the Company's business,
operations, and prospects were materially misleading and/or lacked
a reasonable basis.
Jakubowitz Law is vigorous in pursuit of justice for
shareholders who have been the victim of securities
fraud. Attorney advertising. Prior results do not
guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (628) 895-0423
F: (212) 537-5887
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SOURCE Jakubowitz Law