FOR IMMEDIATE RELEASE
WASHINGTON, D.C. June 14, 2019 – Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Jumia Technologies AG (“Jumia” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the Southern District of New York by another law firm on behalf of purchasers of the common stock of Jumia Technologies AG (NYSE: JMIA) between April 12, 2019 and May 9, 2019, inclusive (the “Class Period”).
The complaint alleges that Jumia and certain of its officers and directors (“Defendants”) misrepresented and/or failed to disclose that: (1) Jumia had materially overstated its active customers and active merchants; (2) 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; (3) Jumia failed to sufficiently disclose related party transactions; and (4) Jumia’s financial statements were presented in violation of applicable accounting standards.
The Company sold 15.5 million ADSs priced at $14.50 on April 12, 2019. The Class Period begins the day Jumia ADSs began trading on the New York Stock Exchange.
Less than one month after trading began, on May 9, 2019, Citron Research issued a report declaring Jumia to be a “fraud” that “deserves immediate SEC attention.” Citron claimed to have a “smoking gun,” in the form of a confidential October 2018 investor presentation the Company used to raise capital months before its initial public offering.
Jumia ADSs fell from $33.11 to $26.89 on May 9 and lost an additional $2.39 to close at $24.50 on May 10, representing a two-day decline of approximately 26%.
Cohen Milstein encourages all investors who purchased Jumia’s common stock between April 12, 2019 and May 9, 2019, or former employees with information concerning this matter to contact the firm.
If you are a Jumia shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at firstname.lastname@example.org. If you wish to serve as lead plaintiff, you must move the Court no later than July 15, 2019 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors and has been responsible for a number of outstanding recoveries which, in the aggregate, total billions of dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
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