NEW YORK, Feb. 22, 2021 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against Jianpu Technology Inc. (“Jianpu” or “the Company”) (NYSE: JT) on behalf of investors who purchased the Company’s American Depositary Receipts (“ADR’s) between May 29, 2018 and February 16, 2021, inclusive (the ”Class Period”).
All investors who purchased ADR’s of Jianpu Technology Inc. and incurred losses are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the ADR’s of Jianpu Technology Inc., you may, no later than April 19, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the ADR’s Jianpu Technology Inc.
On June 15, 2020, in a Notification of Late Filing with the U.S. Securities and Exchange Commission, Jianpu disclosed that the independent audit committee of its board of directors (the “Audit Committee”) was conducting an internal review of certain matters relating to transactions between the Company and third-party business entities and, as a result, could not timely file its 2019 annual report. Then, on February 16, 2021, Jianpu announced that the Audit Committee’s review had found “certain transactions involv[ing] third-party agents . . . with undisclosed relationships, and some transactions lack[ing] business substance,” which the Company characterized as “questionable transactions.”
Jianpu further advised that, “[a]s a result, certain revenue and associated expenses were inflated or inaccurately recorded” in financial statements for fiscal years 2018 and 2019, and that “certain employees improperly altered supporting documents that were provided to the Company’s external auditor.”
Jianpu concluded that “the previously issued audited financial statements for the fiscal year 2018 and the auditor’s report can no longer be relied upon” and would be restated, and that “investors must exercise caution when using the Company’s previously announced unaudited financial information for the fiscal year 2019.”
On this news, Jianpu’s ADR’s fell $0.60 per ADR, or 13.22%, to close at $3.94 per ADR on February 16, 2021.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774
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