HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Tingo Group (TIO) Investors with Substantial Losses to Contact Firm’s Attorneys, Firm Investigating Possible Securities Law Violations


SAN FRANCISCO, June 06, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges Tingo Group, Inc. (NASDAQ: TIO) investors who suffered substantial losses submit your losses now.

Visit: www.hbsslaw.com/investor-fraud/TIO
Contact An Attorney Now: TIO@hbsslaw.com | 844-916-0895

Tingo Group, Inc. (TIO) Investigation:

The investigation focuses on the propriety of Tingo Group’s accounting and the effectiveness of its internal controls over financial reporting.

On June 6, 2023, Hindenburg Research published a scathing report entitled “Tingo Group: Fake Farmers, Phones, and Financials – The Nigerian Empire That Isn’t” concluding, “we believe the company is an exceptionally obvious scam with completely fabricated financials.”

Among other matters, Hindenburg identified major red flags with Tingo’s CEO (“Dozy” Mmobuosi). Hindenburg accuses Mmobuosi of lying about “his biographical claim to have developed the first mobile payment app in Nigeria[,]” about receiving a PhD, and of launching Tingo Airlines when it merely photoshopped its logo onto pictures of airplanes but owned no actual aircraft.

Hindenburg also observed that in February 2023, the company held a groundbreaking ceremony for a planned $1.6 billion Nigerian food processing facility using a rendering of the planned facility that was a stock photo of an oil refinery.

Furthermore, Hindenburg discovered a related party transaction involving the company’s purchase from Mmobuosi of Tingo Foods in February 2023 for $204 million (equal to the cost of inventory held by Tingo Foods) but that “inventory” completely vanished from Tingo Group’s Q1 2023 accounts.

Among the other problems with Tingo Group’s financial reporting, Hindenburg noted “[m]ore troublingly, Tingo’s cash flow and balance sheet statements do not reconcile and show major errors indicating a complete lack of financial controls” and “[i]ts cash flow statements regularly subtract items from cash that should be added and vice versa.”

This news sent the price of Tingo Group shares sharply lower on June 6, 2023.

“We’re focused on investors’ losses and whether 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 TIO@hbsslaw.com.

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