New York, New York--(Newsfile Corp. - July 25, 2023) - The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of those who acquired Tingo Group, Inc. ("Tingo" or the "Company") (NASDAQ: TIO) securities during the period from December 1, 2022 through June 6, 2023 (the "Class Period"). Investors have until August 7, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Tingo Group, Inc. operates as a holding company that, through its subsidiaries, designs, develops, manufactures, and sells mobile computing solutions.
On June 6, 2023, Hindenburg Research issued a report charging that Tingo was a fraud with fabricated business operations and financials. According to the Hindenburg Report, Tingo's statements about the successful operations of its various business segments, including Tingo Foods, Tingo Mobile, Nwassa, and Tingo DMCC were false. The Hindenburg Report concluded that "Tingo is a brazen fraud that should serve as a humiliating embarrassment for all involved." On this news, the price of Tingo shares declined by $1.23 per share, or approximately 48.24%, from $2.55 per share to close at $1.32 on June 6, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (1) Defendant Dozy Mmobuosi, the CEO of TGH and the founder of Tingo Mobile and Tingo Foods, fabricated biographical claims about himself; (2) the Company had photoshopped its logo onto pictures of airplanes it did not own; (3) Tingo inflated its food division margins; (4) Tingo published misleading images of its planned Nigerian food processing facility and overstated its progress on the facility's construction; (5) Tingo inflated its food inventory; (6) the Company did not have relationships with the two farming cooperatives it claimed; (7) the Company did not generate $128 million in revenue for its handset leasing, call and data segments as it claimed; (8) Tingo's Mobile operation in Nigeria was delinquent on its tax obligations; (9) Tingo photoshopped its logo over pictures from a different point of sale system operator's website; (10) Tingo did not generate $125.3 million in revenue from NWASSA; (11) Tingo's agricultural export business was not on track to deliver $1.34 billion in exports by Q3 2023; and (12) Tingo lacked effective controls over accounting and financial reporting.
If you purchased or otherwise acquired Tingo securities, have information, or would like to learn more about this lawsuit and how it might affect your rights, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP's website: http://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/174795
