NEW YORK, July 3, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Tingo Group, Inc. ("Tingo" or the "Company") (NASDAQ: TIO). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Tingo and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On June 6, 2023, market analyst Hindenburg Research ("Hindenburg") issued a report entitled "Tingo Group: Fake Farmers, Phones, and Financials—The Nigerian Empire That Isn't", alleging that the Company is "an exceptionally obvious scam with completely fabricated financials." Among other things, the Hindenburg report alleged that Tingo's founder and Chief Executive Officer made false and misleading claims about his past, including his educational background. The Hindenburg report also alleged that Tingo's photos of a planned company facility are actually a "rendering of an oil refinery from a stock photo website", that the Company's claims about its telecommunications business are fraudulent, and that the Company's revenue claims related to its food business are untrue. Further, the Hindenburg report alleged that "Tingo's cash flow and balance sheet statements do not reconcile and show major errors indicating a complete lack of financial controls" and that "[i]ts cash flow statements regularly subtract items from cash that should be added and vice versa."
On this news, Tingo's stock price fell $1.23 per share, or 48.24%, to close at $1.32 per share on June 6, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
