Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Pintec Technology Holdings Limited (“Pintec” or the “Company”) (NASDAQ: PT) to determine whether the Company engaged in securities fraud or other unlawful business practices.
Pintec investors who purchased, or otherwise acquired, the Company’s securities pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with Pintec’s October 2018 Initial Public Offering (“IPO”) are encouraged to complete Kehoe Law Firm’s Securities Class Action Questionnaire or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to discuss the securities investigation or potential legal claims.
According to the class action complaint, the Registration Statement was false and misleading and omitted to state material facts. Specifically, Defendants failed to disclose to investors: (1) that the Company erroneously recorded revenue earned from certain technical service fee on a net basis, rather than a gross basis; (2) that there were material weaknesses in Pintec’s internal control over financial reporting related to cash advances outside the normal course of business to Jimu Group, a related party, and to a non-routine loan financing transaction with a third-party entity, Plutux Labs; (3) as a result of the foregoing, Pintec’s financial results for fiscal 2017 and 2018 had been misstated; and (4) 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.