| COMPANY |
Jumia Technologies AG |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
19-cv-04397 |
| JUDGE |
The Hon. P. Kevin Castel |
| CLASS PERIOD |
April 12, 2019 - December 9, 2019 |
| SECURITY TYPE |
American Depositary Shares |
Case Background:
On May 14, 2019, the initial complaint in this securities class action was filed against Jumia Technologies AG (“Jumia” or the “Company”), and certain of Jumia’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a class action on behalf of an of all investors who purchased or otherwise acquired Jumia American Depository Shares (“ADSs”) from April 12, 2019 through December 9, 2019, all investors who purchased Jumia ADSs pursuant and/or traceable to the Registration Statement issued in connection with the IPO during the period from April 12, 2019 through December 9, 2019, both dates inclusive (the “Class Period”),
The complaint alleges that during the Class Period, Defendants made materially false and misleading statements about Jumia and its business. These statements are alleged to be materially false and misleading because they failed to disclose that: (1) Jumia had materially overstated its active customers and active merchants; (2) Jumia’s representations about its orders, order cancellations, undelivered orders and returned orders lacked a sufficient factual basis and materially overstated the Company’s sales; (3) Jumia failed to sufficiently disclose related party transactions; and (4) Jumia’s financial statements were presented in violation of applicable accounting standards.
Current Status of Case:
On October 9, 2020, the parties entered into a Stipulation of Settlement and agreed to settle this action for $5,000,000. On March 24, 2021, the Court granted Final Approval of the Settlement. This action has concluded.
The deadline to file a claim is February 19, 2021. If you have any questions or need further information about this settlement, you may go to the following website, http://www.strategicclaims.net/jumia/, or you can contact the claims administrator, Strategic Claims Services at 1-866-274-4004.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.