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.