According to the lawsuit, Pintec throughout the Class Period made misleading and/or false statements and/or failed to disclose that: (1) Pintec had erroneously recorded revenue it had earned from certain technical service fees on a net basis, instead of a gross basis; (2) there were material weaknesses in Pintec’s internal control regarding financial reporting that related to cash advances that were outside the normal course of business to Jimu Group, a related party, as well as to a non-routine loan financing transaction with a third-party entity, Plutux Labs; (3) Pintec’s financial results for fiscal 2017 and 2018 had been misstated, as a result of the foregoing; and (4) Pintec’s positive statements about the their prospects, operations, and business were materially misleading and/or lacked a reasonable basis, as a result of the foregoing. The lawsuit claims that investors suffered damages, when the true details entered the market.
Pintec Technologies Holdings Limited
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