NEW YORK, NY - 
(NewMediaWire) - October 26, 2024 - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against iLearningEngines, Inc. (“iLearningEngines” or the “Company”) (NASDAQ: AILE) securities between April 22, 2024 and August 28, 2024 (the “Class Period”).
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than December 6, 2024 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process.
On August 29, 2024 Hindenburg Research published a report entitled, “iLearningEngines: An Artificial Intelligence SPAC With Artificial Partners And Artificial Revenue” (the “Hindenburg Report”). The Hindenburg Report alleges “[w]e suspect both the company’s revenue and expenses are largely fake” and “[w]e believe the majority of iLearningEngines’ revenue doesn’t exist, and that its relationship with the mystery ‘Technology Partner’ is merely a conduit for falsifying its financials.” Following the publication of the Hindenburg Report, iLearningEngines issued a statement that “it contains misleading statements, speculations and innuendos” and that the Company “intend[s] to respond in the coming days.”
On August 29, 2024, the price of iLearningEngine fell $1.70 per share, over 53%, to close at $1.49 per share on heavy trading volume of over 12 million shares.
The complaint alleges, among other things, that throughout the Class Period, the Defendants failed to disclose to investors: (i) that the Company’s “Technology Partner” was an undisclosed related party; (ii) that the Company used its undisclosed related party Technology Partner to report “largely fake” revenue and expenses; and (iii) that, as a result of the foregoing, the Company significantly overstated its revenue.
WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
If you have any questions about this Notice, your rights, or your interests, please contact:
CONTACT:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com
