Jumia Technologies AG (NASDAQ: JMIA) Investor Securities Class Action Lawsuit 05/14/2019

If you purchased shares of Jumia Technologies AG (NASDAQ: JMIA), you have certain options and for certain investors are short and strict deadlines running. Deadline: July 15, 2019. NASDAQ: JMIA investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Jumia Technologies
Case Name: 
Jumia Technologies Shareholder Class Action Lawsuit 05/14/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: JMIA
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/14/2019
Class Period Begin: 
04/12/2019
Class Period End: 
05/09/2019
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
07/15/2019
Summary: 

An investor in shares of Jumia Technologies AG (NASDAQ: JMIA) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Jumia Technologies AG in connection with certain allegedly false and misleading statements made between April 12, 2019 and May 9, 2019.

Berlin, Germany based Jumia Technologies AG operates an e-commerce platform in Africa. Jumia Technologies AG reported that its annual Total Revenue rose from $94.03 million in 2017 to $130.56 million in 2018 and that its Net Loss increased from $161.57 million in 2017 to $170.07 million in 2018.

On May 9, 2019, a report was published accusing Jumia Technologies AG of overstating its financials in connection with its initial publis offering (“IPO”) and suggesting that Jumia Technologies AG failed to adequately disclose material information relating to returned, undelivered and cancelled orders.

According to the complaint the plaintiff alleges on behalf of purchasers of Jumia Technologies AG (NASDAQ: JMIA) common shares between April 12, 2019 and May 9, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between April 12, 2019 and May 9, 2019, the defendants made materially false and misleading statements because they failed to disclose that Jumia Technologies AG had materially overstated its active customers and active merchants, that 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, that Jumia Technologies AG failed to sufficiently disclose related party transactions, and that Jumia’s financial statements were presented in violation of applicable accounting standards.