An investigation on behalf of current long term investors in Tingo Group, Inc. (NASDAQ:TIO) shares over possible breaches of fiduciary duty by certain officers and directors was announced
San Diego, CA -- (SBWIRE) -- 10/18/2023 -- An investigation was announced for investors in shares of Tingo Group, Inc. (NASDAQ: TIO) concerning potential breaches of fiduciary duties by certain directors of Tingo Group, Inc.
Investors who are investors in Tingo Group, Inc. (NASDAQ: TIO) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for investors in NASDAQ: TIO stocks follows a lawsuit filed against Tingo Group, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: TIO stocks, concerns whether certain Tingo Group, Inc. directors are liable in connection with the allegations made in that lawsuit.
The plaintiff alleges that the Defendants failed to disclose to investors that Defendant Mmobuosi fabricated biographical claims about himself, that Tingo had photoshopped its logo onto pictures of airplanes it did not own, that Tingo inflated its food division margins, that Tingo published misleading images of its planned Nigerian food processing facility and overstated its progress on the facility's construction; (5) that Tingo inflated its food inventory, that Tingo did not have relationships with the two farming cooperatives it claimed, that Tingo did not generate $128 million in revenue for its handset leasing, call and data segments as it claimed, that Tingo's Mobile operation in Nigeria was delinquent on its tax obligations, that Tingo photoshopped its logo over pictures from a different point of sale system operator's website, that Tingo did not generate $125.3 million in revenue from NWASSA, that Tingo's agricultural export business was not on track to deliver $1.34 billion in exports by Q3 2023, that Tingo lacked effective controls over accounting and financial reporting, and 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.
Those who purchased shares of Tingo Group, Inc. (NASDAQ: TIO) have certain options and should contact the Shareholders Foundation.
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