NEW YORK, Oct. 12, 2024 /PRNewswire/ -- 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. Shareholders who want to serve as a lead plaintiff for the class must file their motions with the court by December 6, 2024.
So What: If you purchased iLearningEngines securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
What to do next: To join the iLearningEngines class action, go to https://rosenlegal.com/submit-form/?case_id=28305 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 6, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
What is this about: On August 29, 2024, Hindenburg Research issued a report on iLearningEngines entitled, "iLearningEngines: An Artificial Intelligence SPAC With Artificial Partners And Artificial Revenue." Hindenburg stated it suspected the "[iLearningEngine's] revenue and expenses are largely fake," and nearly all iLearningEngines revenue and expenses "seem to be run through an undisclosed related party, an unnamed 'Technology Partner'" Further, Hindenburg concluded its belief iLearningEngines had "lied to the SEC" when iLearningEngines told the SEC "Technology Partner" was not a related party.
On this news, iLearningEngines' stock fell $1.70 per share, or 53.3%, to close at $1.49 per share on August 29, 2024.
Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
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Attorney Advertising. Prior results do not guarantee a similar outcome.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
case@rosenlegal.com
www.rosenlegal.com
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