Tingo Group, Inc.

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Portnoy Law Firm
Lesley F. Portnoy, Esq.,
Office: 310.692.8883
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.