JIANPU TECHNOLOGY ALERT: Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against Jianpu Technology, Inc. and Encourages Investors to Contact the Firm
NEW YORK–(BUSINESS WIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, announces a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of investors who have purchased Jianpu Technology, Inc. NYSE: JT) American Depositary Shares (“ADS”) between May 29, 2018 and February 16, 2021 inclusive (the “Class Period”). Investors have until April 19, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
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On February 16, 2021, Jianpu announced the results of its review of “Credit Card Referral 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, corresponding to approximately 4.5% and 10.1% of the previously reported total sales, respectively . ”
In that news, the company’s share price fell $ 0.60, or 13%, to close at $ 3.94 per share on February 16, 2021.
The complaint, filed on February 17, 2021, alleges that throughout the classroom period, defendants made materially false and / or misleading statements and did not disclose material adverse facts about the company’s business, business, and prospects. Specifically, the Defendants have failed to advise investors: (1) that certain Company transactions conducted by the Credit Card Recommendation Business Unit involved undisclosed relationships or lack of business substance; (2) As a result, Jianpu’s revenue, costs and expenses were overstated for fiscal years 2018 and 2019. (3) that Jianpu’s internal control over financial reporting had significant weaknesses; (4) that based on the foregoing, it is reasonably likely that Form 20-F should be amended for the company’s 2018 financial year; and (5) that Defendants’ positive statements about the Company’s business, operations and prospects as a result of the foregoing were materially misleading and / or unfounded.
If you purchased Jianpu ADS during the classroom and suffered a loss, have information, want to learn more about these claims, or have questions about this announcement or your rights or interests in relation to these matters, please contact Brandon Walker, Melissa Fortunato or Marion Passmore by email at email@example.com, by phone at (212) 355-4648, or by completing this contact form. There are no costs or obligations for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.