JT CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Jianpu Technology, Inc. (JT)
THE ANGEL–(BUSINESS WIRE) – Frank R. Cruz’s law firm has announced that it has filed a class action lawsuit against Jianpu Technology Inc. et al. In the U.S. District Court for the Southern Borough of New York City. (Case No. 1: 21-cv-01419) on behalf of the individuals and entities that make up Jianpu Technology, Inc. (“Jianpu” or the “Company”) (NYSE: JT) American Depositary Shares (“ADSs” or “Shares “) Bought or otherwise acquired. ) between May 29, 2018 and February 16, 2021 (including the “Class Period”). Plaintiff is pursuing claims under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
Investors are hereby notified that they have 60 days after such notice to appoint the court as the lead plaintiff in this lawsuit.
If you are a shareholder who has suffered a loss, click here to participate.
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, the total overvalued revenue is expected to be approximately RMB 90 million and RMB 164 million, respectively, which is approximately 4.5% and 10.1% of the previously reported total revenue, 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 in an unusually high trading volume.
The complaint filed in this class action alleges that throughout the class 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 income, 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) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and / or unfounded.
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If you purchased Jianpu ADSs during the classroom period, you can move the court no later than 60 days from the date of this notice to ask the court to appoint you as the lead plaintiff. You don’t need to take any action at this point to be a member of the class. You can keep an attorney of your choice or take no action and remain an absent member of the class. If you have purchased Jianpu ADS, have information or would like to learn more about these claims, or if you have any questions about this announcement or your rights or interests in relation to these matters, please contact Frank R. Cruz of the Frank R. Cruz law firms , 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067, 310-914-5007, by email to firstname.lastname@example.org or visit our website at www.frankcruzlaw.com. When inquiring by email, please include your postal address, telephone number and the number of shares purchased.
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