World News: 01:14 GMT Wednesday 15th May 2019. [Kaskela Law via Globe Newswire via SPi World News]
NEWTOWN SQUARE, Pa., May 14, 2019 (GLOBE NEWSWIRE) -- 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”) , 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.”
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 via .
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit .
D. Seamus Kaskela, Esq.18 Campus Boulevard, Suite 100Newtown Square, PA 19073(484) 258 – 1585(888) 715 – 1740
Globe Newswire: 01:14 GMT Wednesday 15th May 2019
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