Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, June 06, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Tingo Group, Inc. (NASDAQ: TIO) investors that the law firm has initiated an investigation on behalf of investors that lost money on their Tingo stock. Tingo investors are encouraged to contact the firm to discuss their legal rights.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On June 6, 2023, Hindenburg Research published a report leveling various allegations against Tingo Airlines. The report accused Tingo of deceptive practices, such as promoting their services through manipulated images of planes bearing their logo, even though the company did not own those planes. Additionally, the report highlighted a public letter from Tingo's Co-Chairman to Dozy Mmobuosi, in which the Co-Chairman expressed his inability to approve the company's annual report due to unanswered questions, comments, and recommendations.
Hindenburg Research also critiqued Tingo's financial reports, pointing out errors, typos, and inconsistencies. They alleged that Tingo's financial statements contained mistakes in calculations, omitted crucial information, and lacked proper financial controls. The report further questioned the choice of Deloitte Israel as Tingo's auditor, as the company had limited operations in Israel.
As a result of these revelations, Tingo's stock price experienced a significant decline of up to 50% during early morning trading on June 6, 2023.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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