Tingo Group, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to firstname.lastname@example.org.
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 email@example.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.
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
1800 Century Park East, Suite 600
Los Angeles, CA 90067
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.