Tingo Lawsuit Loss Submission Form

The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Tingo Group, Inc. (NASDAQ: TIO) who purchased securities between December 1, 2022 and June 6, 2023. The action, which was filed in the United States District Court for the District of New Jersey, alleges that the Company violated federal securities laws.

In particular, the Tingo lawsuit alleges that (1) Defendant Mmobuosi fabricated biographical claims about himself; (2) Tingo had photoshopped its logo onto pictures of airplanes it did not own; (3) Tingo inflated its food division margins; (4) Tingo published misleading images of its planned Nigerian food processing facility and overstated its progress on the facility’s construction; (5) Tingo inflated its food inventory; (6) Tingo did not have relationships with the two farming cooperatives it claimed; (7) Tingo did not generate $128 million in revenue for its handset leasing, call and data segments as it claimed; (8) Tingo’s Mobile operation in Nigeria was delinquent on its tax obligations; (9) Tingo photoshopped its logo over pictures from a different point of sale system operator’s website; (10) Tingo did not generate $125.3 million in revenue from its online marketplace called NWASSA; (11) Tingo’s agricultural export business was not on track to deliver $1.34 billion in exports by Q3 2023; (12) Tingo lacked effective controls over accounting and financial reporting; and (13) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Shareholders have until August 7, 2023 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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