Girard Sharp LLP is investigating potential claims on behalf of investors who purchased stock in Tingo Group, Inc. (NASDAQ:TIO).
If you purchased Tingo Group stock, and sustained losses in excess of $25,000, you may have a legal claim. For a free consultation, fill out the form below or call us toll-free at (866) 981-4800.
More About the Tingo Group Investigation
On June 6, 2023, Hindenburg Research published a report titled “Tingo Group: Fake Farmers, Phones, and Financials – The Nigerian Empire that Isn’t.” The report says that Tingo Group “is an exceptionally obvious scam with completely fabricated financials.” Additionally, the report says that the company’s majority shareholder misrepresented his background, falsely claiming that he earned a “PhD in rural advancement from a Malaysian university,” and that he “developed the first mobile payment app in Nigeria.”
Hindenburg Research also takes issue with certain of Tingo Group’s financial reporting for the first quarter of 2023, including that its food processing business generated revenue of approximately $577 million, and that its mobile handset leasing, call and data businesses generated revenue of approximately $128 million, during this reporting period. Specifically, Hindenburg Research’s report says that Tingo Group’s “food processing business is only 7 months old,” and that the company has “no food processing facility of its own.” In addition, the report says that “the type of license [Tingo Group] claims” for its handset leasing business “did not exist until June 2023.”
Further, Hindenburg Research alleges that Tingo Group made false representations in a May 2023 SEC filing concerning its purported construction of a food processing facility in Nigeria. According to the report, Tingo Group claims to have made “significant progress” since February 2023, including laying “the foundations of its numerous buildings.” However, Hindenburg Research’s report says that “zero signs of progress” were evident from its visit to the site a week after the SEC filing was made.
On this news, Tingo Group’s stock dropped by approximately 48 percent, thereby damaging stockholders.
If you purchased Tingo Group stock, and sustained losses in excess of $25,000, fill out the form above to speak to a Girard Sharp attorney about your rights.
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