Kaskela Law LLC, an American law firm, said it has started a formal investigation into Jumia Technologies AG.
The investigation is a follow up to the indicting report published by Citron Research regarding alleged false information the eCommerce company gave to investors in its initial public offering, IPO, filings submitted to the US Securities and Exchange Commission, SEC for its New York Stock Exchange listing.
Kaskela said in a statement that the investigation is on behalf of the company’s investors. The investigation seeks to determine whether Jumia violated the federal securities laws in connection with statements made to investors.On May 9, 2019, Citron Research published a report alleging that Jumia has misrepresented to investors, among other things, its active consumer and active merchant figures.
The Citron report further alleged that Jumia (i) “is a fraud and deserves immediate SEC attention” and (ii) “is the most expensive US listed ecommerce company with an unviable business.”Investors who purchased Jumia’s shares prior to May 9, 2019 and suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740, or online at , to discuss this investigation and their legal rights and options.Kaskela Law LLC said it exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation.
Jumia Technologies is yet to make an official statement on the allegations and the latest investigation into whether it deceived investors in its filings for its IPO.