The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Jumia Technologies AG (NYSE: JMIA) who purchased shares between April 12, 2019 and May 9, 2019. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Jumia lawsuit alleges 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.
Shareholders have until July 15, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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