San Diego, CA -- (SBWIRE) -- 06/13/2023 -- An investor, who purchased shares of Tingo Group, Inc. (NASDAQ: TIO), filed a lawsuit over alleged violations of Federal Securities Laws by Tingo Group, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Tingo Group, Inc. (NASDAQ: TIO) have certain options and for certain investors are short and strict deadlines running. Deadline: August 07, 2023. NASDAQ: TIO investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Montvale, NJ based Tingo Group, Inc. engages in the financial technology and agri-fintech businesses delivering financial inclusion and financial upliftment to rural farming communities in Africa, Southeast Asia, and the Middle East. On June 6, 2023, Hindenburg Research issued a report alleging many claims against the company. The report states the company launched "Tingo Airlines" and encouraged their customers to "Fly With Tingo Airlines Today" followed by a photo-shopped image of a plane with their logo on it. However, Dozy Mmobuosi later admitted that these images were photo-shopped and the company did not own the planes. The report also states that in April of 2023, Tingo's Co-Chairman wrote a public letter to Dozy, filed with the SEC, stating he could not approve the company's annual report stating it was "Necessary To Recuse Myself By Resigning" due to "Many Critical Questions, Comments And Recommendations" that went "Unanswered and unheeded." The report also makes multiple claims about the company's financial reports stating "Tingo's financial statements are riddled with errors and typos, including a note to itself that it apparently forgot to delete, saying "please update for the tingle (sic) transaction including the tingle (sic) foods transaction." Hindenburg also states "Its financials include other basic errors like incorrect math and leaving zeroes off key metrics" and "More troublingly, 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." Lastly the report claims "The errors also seem to apply to Tingo's audited annual financial statements, which were recently given an unqualified audit opinion by Deloitte Israel (a strange choice given the company lacks substantive operations in Israel)."

Shares of Tingo Group, Inc. (NASDAQ: TIO) declined from $5.69 per share on May 22, 2023, to $1.00 per share on June 6, 2023.

The plaintiff claims that between March 31, 2023 and June 6, 2023, 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.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.