iLearningEngines, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
On August 29, 2024, prior to the market opening, Hindenburg Research released a report titled “iLearningEngines: An Artificial Intelligence SPAC With Artificial Partners and Artificial Revenue.” The report claimed that almost all of the company’s revenue and expenses for 2022 and 2023 were funneled through an undisclosed related party referred to as their “Technology Partner.” Hindenburg Research further asserted that iLearningEngines exploited this relationship to report revenue and expenses that were “largely fake.” Specifically, the report alleged that the company falsely claimed $138 million in revenue from the Indian market in 2022, while the actual revenue was approximately $853,471.00—99.4% less than the reported figure.
As a result of this news, the company’s share price dropped by $1.70, or 53.3%, closing at $1.49 on August 29, 2024, amid unusually high trading volume.
