Jianpu Technology Inc. : American Depositary Shares Securities Litigation

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Lawsuit Overview

Defendant:Jianpu Technology Inc. American depositary shares
Date Filed:February 17th, 2021
Sector:Technology
Class Start Date:May 29th, 2018
Class End Date:February 16th, 2021

According to the Complaint, Jianpu Technology Inc. purports to be the leading independent open platform for discovery and recommendation of financial products in China. The Company touts its proprietary technology which provides search results and recommendations tailored to each user's financial needs and credit profile.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that certain of the Company's transactions carried out by the Credit Card Recommendation Business Unit involved undisclosed relationships or lacked business substance; (2) that, as a result, Jianpu's revenue and costs and expenses for fiscal 2018 and 2019 were overstated; (3) that there were material weaknesses in Jianpu's internal control over financial reporting; (4) that, as a result of the foregoing, the Company's fiscal 2018 Form 20-F was reasonably likely to be restated; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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First Identified Complaint

Michael Guttentag, et al. v. Jianpu Technology Inc., et al.

Date Filed:February 17th, 2021
Class Period Start:May 29th, 2018
Class Period End:February 16th, 2021
First Identified Complaint Filings
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