September 27, 2020 - The court denied the defendants' motion to dismiss.
September 19, 2019 - A motion to dismiss the amended complaint was filed.
March 28, 2019 - An amended complaint was filed.
October 27, 2018 - An investor in shares of Jianpu Technology Inc. (NYSE: JT) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Jianpu Technology Inc. in connection with certain allegedly false and misleading statements made on and/or traceable to the Company’s initial public offering (the “IPO”) on or about November 16, 2017.
China base Jianpu Technology Inc. operates a platform that provides online discovery and recommendation services for financial products in the People's Republic of China. On November 16, 2017, Jianpu Technology Inc u conducted its initial public offering (“IPO”) of American depositary shares at a price of $8.00 per share. On November 21, 2017, the Financial Stability and Development Committee had issued an urgent notice to provincial governments urging them to suspend regulatory approval of new internet micro-loan companies. Shares of Jianpu Technology Inc. (NYSE: JT) fell more than 30%, to close at just $4.90 per share on November 24, 2017.
According to the complaint the plaintiff alleges that the Registration Statement and Prospectus for the IPO contained allegedly inaccurate statements of material fact and/or omitted material information required to be disclosed in order to make such statements not misleading. More specifically, the plaintiff claims that the Registration Statement and Prospectus failed to disclose, among other things, that the China Banking Regulatory Commission and three other Chinese regulators had issued rules in August 2016 requiring peer-to-peer lending companies to, among other things, appoint qualified banking institutions as custodians and disclose their use of deposits, and that China had determined to create the Financial Stability and Development Committee under its State Council to coordinate major financial reforms, as well as to implement market regulation and monetary and industrial policy, all of which would likely result in the disqualification of a significant majority of peer-to-peer lenders in China resulting in a dramatic reduction in the total number of existing, as well as potential, financial service providers that had been the primary source of Jianpu’s revenue.