The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Pintec Technology Holdings Limited (“Pintec” or the “Company”) (NASDAQ: PT) securities pursuant and/or traceable to the registration statement issued in connection with the Company’s October 2018 initial public offering (the “IPO”). Investors have until November 30, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
According to the lawsuit, the registration statement was false and misleading and omitted to state material facts. Specifically, defendants failed to disclose to investors that: (1) the Company erroneously recorded revenue earned from certain technical service fees on a net basis, rather than a gross basis; (2) there were material weaknesses in Pintec’s internal control over financial reporting related to cash advances outside the normal course of business to Jimu Group, a related party, and to a non-routine loan financing transaction with a third-party entity, Plutux Labs; (3) as a result of the foregoing, the Company’s financial results for fiscal 2017 and 2018 had been misstated; and (4) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you acquired Pintec securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at [email protected], or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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Kirby McInerney LLP
Thomas W. Elrod, Esq., (212) 371-6600