Rosen Law Firm, a global investor rights law firm, announces that a shareholder filed a class action on behalf of all purchasers of securities of iLearningEngines, Inc. (NASDAQ: AILE) between April 22, 2024 and August 28, 2024. iLearningEngines describes itself as an “AI-powered learning automation software company.”
For more information, submit a form, email attorney Phillip Kim, or give us a call at 866-767-3653.
The Allegations: Rosen Law Firm is Investigating the Allegations that iLearningEngines, Inc. (NASDAQ: AILE) Misled Investors Regarding its Business Operations.
According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) iLearningEngines’ “Technology Partner” was an undisclosed related party; (2) iLearningEngines used its undisclosed related party Technology Partner to report “largely fake” revenue and expenses; (3) as a result of the foregoing, iLearningEngines significantly overstated its revenue; and (4) as a result of the foregoing, defendants’ positive statements about iLearningEngines’ business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
What Now: You may be eligible to participate in the class action against iLearningEngines, Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by December 6, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Rosen Law: Some law firms issuing releases about this matter do not actually litigate securities class actions; Rosen Law Firm does. A recognized leader in shareholder rights litigation, the attorneys and staff of Rosen Law Firm have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing. Since our inception, we have obtained over $1 billion for shareholders.
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