Jumia Technologies AG : American Depositary Shares Securities Litigation
On or around 10/19/2020 (Settlement preliminarily approval)
Filing Date: May 14, 2019
According to the Complaint, Jumia characterizes itself as the leading pan-African e-commerce platform, which it represents to consist of: (i) a marketplace that connects sellers with consumers; (ii) a package shipment and delivery service; and (iii) a payment service.
The Complaint alleges that during the Class Period, Defendants made materially false and misleading statements about Jumia and its business. These statements are alleged to be materially false and misleading because they failed to disclose that: (a) Jumia had materially overstated its active customers and active merchants; (b) 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; (c) Jumia failed to sufficiently disclose related party transactions; and (d) Jumia’s financial statements were presented in violation of applicable accounting standards.
On October 28, 2019, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on December 30. On March 13, 2020, Lead Plaintiff filed a second amended Complaint. The parties entered into a Stipulation of Settlement on October 9. On October 19, the Court granted preliminary approval of the Settlement.
Company & Securities Information
Defendant: Jumia Technologies AG
Industry: Retail (Specialty)
Ticker Symbol: JMIA
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Stephen Strugala, et al. v. Jumia Technologies AG, et al.
Class Action Complaint for Violation of the Federal Securities Laws
Order: (1) Consolidating Related Actions; (2) Appointing Lead Plaintiff and Named Plaintiffs; (3) Appointing Co-Lead Counsel; and (4) Setting a Schedule for the Filing of a Consolidated Amended Complaint and Response Thereto
U.S. District Court Civil Docket
In re Jumia Technologies AG Securities Litigation
COURT: S.D. New York
DOCKET #: 19-CV-04397
JUDGE: Hon. P. Kevin Castel
DATE FILED: 03/13/2020
CLASS PERIOD START: 04/12/2019
CLASS PERIOD END: 11/11/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Pomerantz LLP (Chicago)
The Rosen Law Firm, P.A. (NY)
Reference Complaint (REF) Filings:
Amended Securities Class Action Complaint
Second Amended Securities Class Action Complaint
Stipulation of Settlement
Notice of (I) Pendency of Class Actions and Proposed Settlement of Federal Action and State Action; (II) Motions for Awards of Attorneys' Fees and Litigation Expenses; and (III) Settlement Hearings
U.S. District Court Civil Docket
Order Preliminarily Approving Proposed Settlement, Certifying Exchange Act Settlement Class, Providing for Notice, and Scheduling Settlement Hearing
Related District Court Filings
—Related District Court Filings Data is not available