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Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Jumia Technologies AG

NEW YORK–(BUSINESS WIRE)–Robbins
Geller Rudman & Dowd LLP
(http://www.rgrdlaw.com/cases/jumia/)
today announced that a class action has been commenced on behalf of
purchasers of Jumia Technologies AG (NYSE:JMIA) American Depositary
Shares (“ADSs”) during the period between April 12, 2019 and May 9, 2019
(the “Class Period”). This action was filed in the Southern District of
New York and is captioned Strugala v. Jumia Technologies AG, et al.,
No. 19-cv-4397.

The Private Securities Litigation Reform Act of 1995 permits any
investor who purchased Jumia ADSs during the Class Period to seek
appointment as lead plaintiff. A lead plaintiff acts on behalf of all
other class members in directing the litigation. The lead plaintiff can
select a law firm of its choice. An investor’s ability to share in any
potential future recovery is not dependent upon serving as lead
plaintiff. If you wish to serve as lead plaintiff, you must move the
Court no later than 60 days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights or
interests, please contact plaintiff’s counsel, Samuel
H. Rudman
or David
A. Rosenfeld
of Robbins Geller at 800/449-4900 or 619/231-1058, or
via e-mail at [email protected]. You
can view a copy of the complaint as filed at http://www.rgrdlaw.com/cases/jumia/.

The complaint charges Jumia and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. Jumia operates a
pan-African e-commerce platform.

The complaint alleges that during the Class Period, defendants made
materially false and misleading statements about Jumia and its business.
These statements are alleged to be materially false and misleading
because they failed to disclose that: (a) Jumia had materially
overstated its active customers and active merchants; (b) 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; (c) Jumia failed to
sufficiently disclose related party transactions; and (d) Jumia’s
financial statements were presented in violation of applicable
accounting standards.

Plaintiff seeks to recover damages on behalf of all purchasers of Jumia
ADSs during the Class Period (the “Class”). The plaintiff is represented
by Robbins Geller, which has extensive experience in prosecuting
investor class actions including actions involving financial fraud.

Robbins Geller is a national law firm representing investors in
securities litigation. With 200 lawyers in 10 offices, Robbins Geller
has obtained many of the largest securities class action recoveries in
history. For five consecutive years, ISS Securities Class Action
Services has ranked the Firm in its annual SCAS Top 50 Report as one of
the top law firms in both the amount recovered for shareholders and the
total number of class action settlements. Robbins Geller attorneys have
helped shape the securities laws and recovered tens of billions of
dollars on behalf of aggrieved victims. Beyond securing financial
recoveries for defrauded investors, Robbins Geller also advocates for
corporate governance reforms, helping to improve the financial markets
for investors worldwide. Please visit http://www.rgrdlaw.com
for more information.

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Contacts

Robbins Geller Rudman & Dowd LLP
Samuel H. Rudman, 800-449-4900
David
A. Rosenfeld
[email protected]

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