Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Tingo To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $50,000 investing in Tingo Group Inc. stock or options Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/TIO.
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On June 6, 2023, Hindenburg Research issued a report alleging many claims against the company. The report states the company launched "Tingo Airlines" and encouraged their customers to "Fly With Tingo Airlines Today" followed by a photo-shopped image of a plane with their logo on it. However, Dozy Mmobuosi later admitted that these images were photo-shopped, and the company did not own the planes. The report also states that in April of 2023, Tingo's Co-Chairman wrote a public letter to Dozy, filed with the SEC, stating he could not approve the company's annual report stating it was "Necessary To Recuse Myself By Resigning" due to "Many Critical Questions, Comments And Recommendations" that went "Unanswered and unheeded."
The report also makes multiple claims about the company's financial reports stating "Tingo's financial statements are riddled with errors and typos, including a note to itself that it apparently forgot to delete, saying "please update for the tingle (sic) transaction including the tingle (sic) foods transaction." Hindenburg also states, "Its financials include other basic errors like incorrect math and leaving zeroes off key metrics" and "More troublingly, Tingo's cash flow and balance sheet statements do not reconcile and show major errors indicating a complete lack of financial controls. Its cash flow statements regularly subtract items from cash that should be added and vice versa." Lastly the report claims "The errors also seem to apply to Tingo's audited annual financial statements, which were recently given an unqualified audit opinion by Deloitte Israel (a strange choice given the company lacks substantive operations in Israel)."
Following this news, Tingo's stock price dropped as much as 50% in early morning trading on June 6, 2023.
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