Jumia Technologies AG

Jumia (JMIA) Class Action Alert: Johnson Fistel Encourages Investors to Contact Firm

SAN DIEGO- PRNewswire —May 28, 2019

Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of shareholders of Jumia Technologies AG (“Jumia”) (NYSE: JMIA). If you wish to serve as lead plaintiff in this class action, you must move the Court no later than July 15, 2019.

[click here to join this action]

On May 28, 2019, Andrew Left, managing editor of Citron Research (“Citron”) published a report entitled “Jumia – Indisputable Evidence of Fraud ” wherein Left detailed a series of alarming s fraudulent business activities. Specifically, Citron stated that “Former executives from Jumia have volunteered to provide indisputable evidence that Jumia is a complete fraud.” This report was preceded by a report on May 9, 2019, when Citron Research issued a release announcing “Jumia is a Fraud” that “deserves immediate SEC attention.” The report alleged that Jumia misrepresented its active consumer and active merchant figures, among other things.

Following the May 9, 2019, report a class action was filed for purchasers of Jumia between April 12, 2019 and May 9, 2019. The lawsuit alleges defendants made false and misleading statements and/or failed to disclose information to investors, specifically that: (1) Jumia 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.

If you purchased Jumia between April 12, 2019 and May 9, 2019, inclusive, or if you have questions about this notice or your legal rights, please contact Jim Baker ([email protected]) by email or phone at 619-814-4471. If emailing, please include a phone number.

Additionally, you can [click here to join this action]. There is no cost or obligation to you.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]

  • Plaintiff certifies that:
    • 1. Plaintiff did not acquire the security that is the subject of this action at the direction of plaintiff's counsel or in order to participate in this private action or any other litigation under the federal or state securities laws.
    • 2. Plaintiff is willing to serve as a representative party, including providing testimony at deposition and trial, if necessary.
    • 3. Plaintiff represents and warrants that he/she/it is fully authorized to enter into and execute this certification.
    • 4. If a class action is filed, Plaintiff will not accept any payment for serving as a representative party on behalf of a class beyond the Plaintiff's pro rata share of any recovery, except such reasonable costs and expenses (including lost wages) directly relating to the representation of the class as ordered or approved by the court.
    • 5. For purposes of a class action, Plaintiff has made no transaction(s) during the Class Period in the debt or equity securities that are the subject of this action except those set forth below:
  • Acquisitions (include: date shares were acquired, number of shares acquired, and acquisition price per share. Separate each item with a comma. For multiple acquisitions, separate each acquisition with a new line):
  • Sales (include: date shares were sold, number of shares sold, and selling price per share. Separate each item with a comma. For multiple sales, separate each sale with a new line.):
  • During the three years prior to the date of this certification, Plaintiff has not sought to serve or be served as a representative party for a class in an action filed under the federal securities law except if detailed below:

Click to view Retention Agreement