LOS ANGELES, Feb. 26, 2021 /PRNewswire/ — The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Jianpu Technology, Inc. (“Jianpu” or the “Company”) (NYSE: JT) American Depositary Shares (“ADSs” or “shares”) between May 29, 2018 and February 16, 2021, inclusive (the “Class Period”). Jianpu investors have until April 19, 2021 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On February 16, 2021, Jianpu announced the results of its review into “transactions carried out by the Credit Card Recommendation Business Unit” with third-party business entities. The Company concluded that previously reported revenue and associated expenses had been inflated due to “certain transactions [that] involved third-party agents (including both upstream agents and downstream suppliers) with undisclosed relationships and some transactions [that] lacked business substance.” Jianpu stated that 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.”

On this news, the Company’s share price fell $0.60, or 13%, to close at $3.94 per share on February 16, 2021, on unusually heavy trading volume.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that certain of the Company’s transactions carried out by the Credit Card Recommendation Business Unit involved undisclosed relationships or lacked business substance; (2) that, as a result, Jianpu’s revenue and costs and expenses for fiscal 2018 and 2019 were overstated; (3) that there were material weaknesses in Jianpu’s internal control over financial reporting; (4) that, as a result of the foregoing, the Company’s fiscal 2018 Form 20-F was reasonably likely to be restated; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Jianpu ADSs during the Class Period, you may move the Court no later than April 19, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Jianpu securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

SOURCE The Law Offices of Frank R. Cruz, Los Angeles

Related Links

frankcruzlaw.com



Source link

Author: admin