BOSTON, May 28, 2019 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, informs investors that a securities fraud class action has been filed on behalf of purchasers of Jumia Technologies AG (NYSE:JMIA) shares during the period between April 12, 2019 and May 9, 2019 (the “Class Period”). Shareholders who lost money on their Jumia investment are encouraged to contact Block & Leviton LLP to learn more.
The pending lawsuit alleges that (i) Jumia materially overstated its active customers and active merchants; (ii) Jumia’s misleading representations about its orders, order cancellations, undelivered orders and returned orders materially overstated the Company’s sales; (iii) Jumia failed to sufficiently disclose related party transactions; and (iv) Jumia’s financial statements were prepared in violation of applicable accounting standards.
Earlier today, Citron Research released a video which purports to include evidence from current and former Jumia insiders regarding fraud at the company. Following the publication of this video, Jumia’s shares fell more than 8%.
If you have purchased or otherwise acquired Jumia securities and have questions about your legal rights, or possess information relevant to this case, you are encouraged to contact Block & Leviton LLP at (888) 868-2385, by email at info@blockesq.com, or by visiting https://shareholder.law/jumia. Additionally, those interested in serving as lead Plaintiff must apply to do so before the July 14, 2019, lead plaintiff deadline.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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