Wolf Popper LLP Announces Investigation on Behalf of Investors in Tingo Group, Inc.
Case Updates |
06/07/2023
NEW YORK, June 7, 2023: Wolf Popper LLP is investigating potential securities fraud claims on behalf of purchasers of Tingo Group, Inc. (“Tingo”) common stock (NASDAQ: TIO).
Tingo purports to operate a financial technology business focused on farmers in Africa, a food processing business, a commodity trading platform and agricultural commodities export business, an insurance brokerage platform business in China and a finance services business in Hong Kong and Singapore.
Before the market opened on June 6, 2023, Hindenburg Research published a report entitled Tingo Group: Fake Farmers, Phones, and Financials – The Nigerian Empire That Isn’t.
The report alleges Tingo is “an exceptionally obvious scam with completely fabricated financials.” Among other things, the report alleges it found “major red flags” about Tingo’s CEO’s past, a planned $1.6 billion Nigerian food processing facility was still just empty ground, there was no record of Tingo being a mobile licensee at all despite claiming it had 12 million mobile customers, and “Tingo’s cash flow and balance sheet statements do not reconcile and show major errors indicating a complete lack of financial controls.” On this news, Tingo’s stock price fell $1.23 per share to $1.32, a drop of 48.2% on very heavy volume.
Investors who have lost over $10,000 trading in Tingo’s common stock and who would like to discuss the investigation should contact Adam Savett at (212) 451-9655, or asavett@wolfpopper.com.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper’s reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm’s website at www.wolfpopper.com.
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Contact Instructions
Phone: Adam Savett - (212) 451-9655
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