OAKLAND, Calif.–(BUSINESS WIRE)–#TIO–Gibbs Law Group announces that a class action lawsuit has been filed on behalf of Tingo Group, Inc. (NASDAQ: TIO) investors who acquired shares between March 31, 2023 through June 6, 2023. Shares of Tingo Group dropped over 56% on June 6, 2023, after a Hindenburg report alleged the company has “completely fabricated financials” and has lied about numerous business partnerships and products. Gibbs Law Group encourages Tingo Group investors to contact us to discuss their legal rights and options.
To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.
On Tuesday, June 6, 2023, shares of Tingo Group, a global Fintech and Agri-Fintech company, dropped over 56% after Hindenburg Research published a scathing report alleging the company is an “exceptionally obvious scam.” Hindenburg claims that Tingo Group’s cash flow and balance sheet statements “do not reconcile and show major errors indicating a complete lack of financial controls, [including that] its cash flow statements regularly subtract items from cash that should be added and vice versa.” The financial reporting errors “also seem to apply to Tingo’s audited annual financial statements, which were recently given an unqualified audit opinion by Deloitte Israel,” as alleged by Hindenburg. The report also raised questions about the company’s founder and CEO, who allegedly made misleading claims about his personal past and Tingo’s business accomplishments.
Following this news, Tingo’s stock price dropped over 56% on June 6, 2023, causing significant harm to investors.
What Should Tingo Group Investors Do?
If you invested in Tingo Group, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Tingo Group, Inc. has violated federal securities laws by providing false or misleading statements to investors.
About Gibbs Law Group
Gibbs Law Group represents investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Class Action Practice Group of the Year,” “Consumer Protection MVP,” and “Top Women Lawyers in California.”
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