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October 19, 2020 - The court preliminarily approved the settlement.
October 9, 2020 - A stipulation and agreement of settlement was entered by the parties.
March 13, 2020 - A second amended complaint was filed.
December 30, 2019 - An amended complaint was filed.
May 19, 2019 - An investor in shares of Jumia Technologies AG (NASDAQ: JMIA) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Jumia Technologies AG in connection with certain allegedly false and misleading statements made between April 12, 2019 and May 9, 2019.
Berlin, Germany based Jumia Technologies AG operates an e-commerce platform in Africa. Jumia Technologies AG reported that its annual Total Revenue rose from $94.03 million in 2017 to $130.56 million in 2018 and that its Net Loss increased from $161.57 million in 2017 to $170.07 million in 2018.
On May 9, 2019, a report was published accusing Jumia Technologies AG of overstating its financials in connection with its initial publis offering (“IPO”) and suggesting that Jumia Technologies AG failed to adequately disclose material information relating to returned, undelivered and cancelled orders.
According to the complaint the plaintiff alleges on behalf of purchasers of Jumia Technologies AG (NASDAQ: JMIA) common shares between April 12, 2019 and May 9, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 12, 2019 and May 9, 2019, the defendants made materially false and misleading statements because they failed to disclose that Jumia Technologies AG had materially overstated its active customers and active merchants, that 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, that Jumia Technologies AG failed to sufficiently disclose related party transactions, and that Jumia’s financial statements were presented in violation of applicable accounting standards.