INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Jianpu Technology Inc. and Encourages Investors to Contact the Firm Before April 19, 2021
NEW YORK–(BUSINESS WIRE) – Kirby McInerney LLP law firm is reminding investors that a class action lawsuit has been filed in the US District Court for the Southern District of New York on behalf of those who acquired Jianpu Technology Inc. (“Jianpu” or the “Company” ” ) (NYSE: JT) securities from May 29, 2018 through February 16, 2021 (the “Class Period”) inclusive. Investors have until April 19, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
According to the lawsuit, the company made false and misleading statements to the market. Jianpu’s credit card recommendation business deals with transactions in which unnamed related parties are involved or in which there is a lack of substance. As a result, the company’s revenues, costs, and expenses were overstated for fiscal years 2018 and 2019. The company suffered from significant weaknesses in its internal controls over financial reporting. Because of these facts, the company’s public statements were false and materially misleading throughout the teaching period. When the market learned the truth about Jianpu, investors suffered damage.
On February 16, 2021, Jianpu announced the results of its review of “Credit Card Referral Business Transactions” with third party companies. The company concluded that previously reported income and related expenses were excessive due to “certain transactions” [that] Third party agents involved (including upstream agents and downstream suppliers) with undisclosed relationships and some transactions [that] lack of business substance. “Jianpu stated that” for fiscal years 2018 and 2019, total overvalued revenues are expected to be approximately RMB 90 million and RMB 164 million, respectively, which are approximately 4.5% and 10.1% of the previously reported total revenues, respectively In that news, the company’s share price fell $ 0.60, or approximately 13.2%, from $ 4.54 per share to $ 3.94 per share on February 16, 2021 amid unusually high trading volumes.
If you have purchased or otherwise acquired Jianpu securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600 via email at investigations @ kmllp. com or by filling out this contact form to discuss your rights or interests in relation to these matters at no cost to you.
Kirby McInerney LLP is a New York-based law firm focused on securities, antitrust, whistleblower and consumer litigation. The company’s efforts on behalf of shareholders in securities disputes have resulted in total recoveries of $ billion. For more information about the company, please visit the Kirby McInerney LLP website: http://www.kmllp.com.
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