LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Jianpu Technology Inc. (“Jianpu” or “the Company”) (NYSE: JT) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. On February 16, 2021, Jianpu announced the results of an independent investigation of “transactions carried out by the Credit Card Recommendation Business Unit” with third-party organizations. The Company found that its reported revenue and expenses were inflated by “certain transactions that involved third-party agents (including both upstream agents and downstream suppliers) with undisclosed relationships and some transactions that lacked business substance.” According to the Company, it “anticipates the total amount of overstated revenue for the fiscal years 2018 and 2019 to be approximately, RMB 90 million and RMB 164 million, respectively, representing approximately 4.5% and 10.1% of the total revenue previously reported.” Based on this news, shares of Jianpu dropped by 13% on the same day.
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