Company: Jumia Technologies AG
Class Period: April 12, 2019 — May 9, 2019
Court: U.S.D.C. – Southern District of New York
Deadline: July 15, 2019
Kaskela Law LLC announces that a class action lawsuit has been filed against Jumia Technologies AG (NYSE: JMIA) (“Jumia” or the “Company”) on behalf of investors who purchased the Company’s American Depository Shares (“Shares”) between April 12, 2019 and May 9, 2019, inclusive (the “Class Period”).
According to the complaint, during the Class Period Jumia and certain other defendants made materially false and misleading statements to investors, and failed to disclose that: (i) Jumia had materially overstated its active customers and active merchants; (ii) Jumia’s representations about its orders, order cancellations, undelivered orders and returned orders lacked a sufficient factual basis and materially overstated the Company’s sales; (iii) Jumia failed to sufficiently disclose related party transactions; and (iv) Jumia’s financial statements were presented in violation of applicable accounting standards.
On May 9, 2019, Citron Research published a report alleging that Jumia has misrepresented to investors, among other things, its active consumer and active merchant figures. The Citron report further alleged that Jumia (i) “is a fraud and deserves immediate SEC attention” and (ii) “is the most expensive US listed ecommerce company with an unviable business.” Following the publication of this report, Jumia’s Shares declined $6.22 per share, or nearly 19% in value, to close on May 9, 2019 at $26.89 per share, on heavy trading volume.
IMPORTANT DEADLINE: Investors who purchased Jumia’s Shares during the Class Period may, no later than July 15, 2019, seek to be appointed as a lead plaintiff representative in the action.
Jumia investors who would like to receive additional information about this action and their legal rights and options are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740, or by completing the information form on this page.