San Francisco, California--(Newsfile Corp. - August 6, 2023) - Hagens Berman urges Tingo Group, Inc. (NASDAQ: TIO) investors who suffered substantial losses submit your losses now.
Class Period: Dec. 1, 2022 - June 6, 2023
Lead Plaintiff Deadline: Aug. 7, 2023
Visit: www.hbsslaw.com/investor-fraud/tio
Contact An Attorney Now: [email protected]
844-916-0895
Tingo Group, Inc. (TIO) Securities Fraud Class Action:
The litigation focuses on the propriety of Tingo Group's accounting and the effectiveness of its internal controls over financial reporting.
The complaint alleges that Defendants failed to disclose to investors that: (1) Defendant Mmobuosi fabricated biographical claims about himself; (2) Tingo had photoshopped its logo onto pictures of airplanes it did not own; (3) Tingo inflated its food division margins; (4) Tingo published misleading images of its planned Nigerian food processing facility and overstated its progress on the facility's construction; (5) Tingo inflated its food inventory; (6) Tingo did not have relationships with the two farming cooperatives it claimed; (7) Tingo did not generate $128 million in revenue from its handset leasing, call and data center segments as it claimed; (8) Tingo's mobile operation in Nigeria was delinquent on its tax obligations; (9) Tingo photoshopped its logo over pictures from a different point of sale system operator's website; (10) Tingo did not generate $125.3 million in revenue from its online marketplace; (11) Tingo's agricultural export business was not on track to deliver $1.34 billion in exports by Q3 2023; and (12) Tingo lacked effective controls over accounting and financial reporting.
Investors learned the truth on June 6, 2023, when Hindenburg Research published a scathing forensic research report, concluding "we believe the company is an exceptionally obvious scam with completely fabricated financials" and revealing the above-enumerated undisclosed facts.
This news sent the price of Tingo Group shares over 48% lower on June 6, 2023.
"We're focused on investors' losses and proving Tingo Group intentionally cooked its books," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Tingo Group and have substantial losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Tingo Group should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/176261
