According to the Complaint, Jianpu Technology Inc. purports to be the leading independent open platform for discovery and recommendation of financial products in China. The Company touts its proprietary technology which provides search results and recommendations tailored to each user’s financial needs and credit profile.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that certain of the Company’s transactions carried out by the Credit Card Recommendation Business Unit involved undisclosed relationships or lacked business substance; (2) that, as a result, Jianpu’s revenue and costs and expenses for fiscal 2018 and 2019 were overstated; (3) that there were material weaknesses in Jianpu’s internal control over financial reporting; (4) that, as a result of the foregoing, the Company’s fiscal 2018 Form 20-F was reasonably likely to be restated; and (5) that, 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.

On May 19, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on July 20. Defendants filed a Motion to Dismiss the amended Complaint on September 3. On September 28, 2022, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

On November 28, 2022, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on January 27, 2023. On August 23, 2023, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice.