AP NEWS
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Investors of Jumia Technologies AG - JMIA

May 21, 2019

NEW YORK, May 21, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Jumia Technologies AG (“Jumia” or the “Company”) (NYSE: JMIA). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.

The investigation concerns whether Jumia and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here to join a class action]

On May 9, 2019, Citron Research (“Citron”) issued a report alleging that Jumia is the “most obvious fraud” that Citron had ever encountered, citing alleged “material discrepancies” between a confidential investor presentation by Jumia in October 2018 and the Company’s representations to the U.S. Securities and Exchange Commission. According to Citron, Jumia inflated active customer and active merchant numbers by 20% to 30% and concealed the fact that 41% of the Company’s orders were returned, not delivered or canceled.

On this news, Jumia’s American depositary receipt (“ADR”) price fell $6.22 per share, or over 18.8%, to close at $26.89 per share on May 9, 2019.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:Robert S. WilloughbyPomerantz LLP rswilloughby@pomlaw.com

All contents © copyright 2019 The Associated Press.All rights reserved.