Philadelphia, Pennsylvania--(Newsfile Corp. - October 21, 2020) - Berger Montague is investigating potential securities fraud claims against Pintec Technology Holdings Limited ("Pintec" or the "Company") on behalf of investors who purchased Pintec securities (NASDAQ: PT) in the Company's October 2018 initial public offering ("IPO").
If you purchased Pintec securities on or traceable to the IPO, have questions concerning your rights or interests, or would like to discuss Berger Montague's investigation, please contact attorneys Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Donnell Much at dmuch@bm.net or (215) 875-4667, or contact us at www.bergermontague.com/pintec.
In October 2018, Pintec completed its IPO, issuing approximately 3.7 million American Depositary Shares ("ADSs") at $11.88 per share. On July 30, 2019, in the Company's annual report for fiscal 2018, Pintec restated previously disclosed financial results. Among other things, the Company reported net income of $315,000 for fiscal 2018, compared to its prior disclosure of net income of $1.068 million. In addition, Pintec disclosed that there were material weaknesses in its internal control over financial reporting related to cash advances outside the normal course of business to Jimu Group, a related party, and to a non-routine loan financing transaction with a third-party entity, Plutux Labs. On this news, Pintec's ADS price fell $0.53 per share, or more than 13%, over the following trading sessions, to close at $3.40 per share on August 5, 2019.
On June 15, 2020, Pintec announced that it could not timely file its annual report for fiscal 2019 and that it "erroneously recorded revenue earned from certain technical service fee on a net basis" for fiscal 2017 and 2018. Pintec further disclosed that it had suffered a net loss of RMB 906.5 million in 2019 due to a provision for credit loss in amounts due from a related party and an impairment in prepayment for long-term investment.
Since the IPO, Pintec's ADSs have closed as low as $0.47 per share, representing a decline of more than 96% from the IPO price.
If you purchased Pintec shares during the Class Period, you may seek Court appointment as lead plaintiff to represent other injured investors in a class action. The lead plaintiff appointment deadline is November 30, 2020. You do not need to be a lead plaintiff to share in any potential Class recovery.
Whistleblowers: Persons with non-public information regarding Pintec Technology Holdings Limited are encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for five decades and serves as lead counsel in courts throughout the United States.
Contacts
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
Donnell Much, Associate
Berger Montague
(215) 875-4667
dmuch@bm.net
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