The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Pintec Technology Holdings Limited (NASDAQGM: PT) securities pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company’s October 2018 initial public offering.
According to the Pintec Technology lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company erroneously recorded revenue earned from certain technical service fee on a net basis, rather than a gross basis; (2) there were material weaknesses in Pintec’s internal control over financial reporting related to cash advances outside the normal course of business to Jimu Group, a related party, and to a non-routine loan financing transaction with a third-party entity, Plutux Labs; (3) as a result of the foregoing, the Company’s financial results for fiscal 2017 and 2018 had been misstated; and (4) 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.
If you suffered a loss in Pintec Technology you have until November 30, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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