WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Tingo Group, Inc. (NASDAQ: TIO) resulting from allegations that Tingo Group may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Tingo Group securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=16856 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

WHAT IS THIS ABOUT: On June 6, 2023, before the market opened, market analyst Hindenburg Research issued a report entitled “Tingo Group: Fake Farmers, Phones, and Financials-The Nigerian Empire That Isn’t”, alleging that Tingo Group is “an exceptionally obvious scam with completely fabricated financials.” Among other things, the report alleged that the company’s founder and CEO made false and misleading claims about his past, including his educational background. Further, the company alleged that photos of a planned company facility are, in actuality, a “rendering of an oil refinery from a stock photo website”, that the company’s claims about its telecommunications business are fraudulent, and that the company’s revenue claims relating to its food business are untrue. Lastly, the report stated, “Tingo’s cash flow and balance sheet statements do not reconcile and show major errors indicating a complete lack of financial controls. Its cash flow statements regularly subtract items from cash that should be added and vice versa.”

On this news, Tingo Group’s stock price fell as much as $1.20, or 47%, in pre-market trading.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

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