Invested in
Tingo Group?
Attention Tingo Group shareholders: contact investor rights lawyers for a free evaluation of your potential claims for compensation today.
- Did you acquire shares of Tingo Group (NASDAQ: TIO), formerly known as MICT, Inc, in or before December 2022, and do you still hold your Tingo shares?
- Are you concerned about the recent performance of Tingo’s stock price?
- Are you concerned about the conduct of some of Tingo’s officers and directors following allegations of materially false and misleading statements concerning its business practices, operations, and prospects?
- Would you like your potential options for compensation and/or redress to be reviewed by an experienced team of investor lawyers?
Request a free case evaluation of your potential claims for compensation today, via email at arosca@rscounsel.law, through the contact form on this page, or by calling 888-998-0530.
Contact Us About Your
Investments
Free Case Evaluation
Posted November 8, 2023
Tingo Group Class Action Investigation
Securities attorneys Alan Rosca, Paul Scarlato, and Kathryn Weidner have been investigating potential securities violations and corporate misconduct, as well as questionable business practices involving Tingo Group and have identified potential areas of concern for investors.
What Tingo Group Investors May Do
TIO investors interested in an evaluation of their potential options to seek compensation and/or pursue claims related to their Tingo Group investment may contact investor rights attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner. Claims that are not timely pursued may expire or otherwise be lost, generally speaking.
Get in Touch with an Experienced Team of Investor Attorneys
Attorneys Rosca, Scarlato, and Weidner have extensive experience in seeking compensation related to investor harm and pursuing claims arising out of alleged violations of securities law and/or corporate misconduct, and are currently evaluating potential claims on behalf of investors in Tingo Group.
They typically work on a contingent fee basis, do not require any money down from their clients, advance case expenses, and only get paid for their fees and expenses if and when successful, following review and approval by the Court of any fee application.
Concerned TIO stock investors may contact attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner to discuss their potential options toll free at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
Potential Compensation Claims
Has Tingo Group Been Accused of Misconduct?
Tingo Group, Inc. and several of its officers – Darren Mercer, Hao (Kevin) Chen and Dozy Mmobuosi – are currently subjects of two class action lawsuits brought in Unites States District Court for the District of New Jersey federal court.
Tingo Group together with its officers are being accused, among others, of making several material misrepresentations about Tingo’s business and some of its officers’ background, including allegedly overstating Tingo’s revenue and other accounting factors, and entering into contracts with customers and suppliers that did not exist. The case is pending as of the date of this blog.
On June 6, 2023, a research company and short seller known as Hindenburg Research published a report (“Report”) alleging, among others, that Tingo is “an exceptionally obvious scam.” The report alleges that Tingo’s CEO made false representations about his background, that Tingo’s business operations are unlawful, and that the revenue metrics of some of its subsidiaries are inflated. The Report further alleged that Tingo Group’s contracts with its customers and suppliers, as well as various marketing materials are fabricated, and that the company appears to be delinquent on its tax obligations in Nigeria.
What Happened to Tingo Group’s Stock Price?
Following the publication of the Report, TIO’s stock price value reportedly fell $1.23 per share, or 48%, to close at $.32 per share on high trading volume. Data by Yahoo Finance show that the TIO share price has been in decline since, and as of November 7, 2023 it was valued at $0.67 per share.
Has Tingo Group Been Investigated?
According to a notification of late filing dated August 14, 2023, the allegations in the Hindenburg Research report have prompted the company’s independent directors and its independent auditors to conduct an independent review and assessment of internal control over financial reporting.
Potential Compensation Claims
What Happened to Tingo’s Directors and Officers?
In a 8-K Report reportedly filed on September 15, 2023, Tingo announced the retirement of Daniel Mercer from his position as Chief Executive Officer of Tingo Group, Inc. and as a member of the Board of Directors. Dozy Mmobuosi and Kenneth Denos reportedly assumed the position of Interim Co-Chief Executive Officer.
Mercer’s resignation comes just months after Tingo’s former co-Chairman and independent director Christophe F. Charlier, reportedly announced his resignation, stating that “Since joining the Board in September 2021, I have made numerous efforts to implement best corporate governance practices and have always been guided by the best interests of Tingo Inc’s shareholders. Despite my efforts there remains a lack of communication and teamwork in the management of the company, and many critical questions, comments and recommendations which I have sent to management and the Board have once again remained unanswered and unheeded. As a result, I will not be in a position to approve the 10K for 2022 prepared by management and feel it necessary to recuse myself by resigning from the Board.” 8-K Report dated April 23, 2023.
Do Tingo Shareholders Have Claims for Compensation?
Investor rights attorneys Alan Rosca, Paul Scarlato, and Kathryn Weidner at Rosca Scarlato are investigating potential options and evaluating potential claims for compensation and/or other redress on behalf of Tingo long-term shareholders whose share value dropped following the allegations of undisclosed adverse facts. The Rosca Scarlato attorneys have decades of combined experience representing victims of corporate or financial misconduct.
If you are a current Tingo Group investor and have acquired your TIO shares prior to December 2022, and are concerned about the drop in the value of your investment, you may contact attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner to learn more about your rights and for an evaluation of your potential claims, or to provide useful information.
All consultations are free. The Rosca Scarlato attorneys typically take cases like this on a contingency fee basis, advance all case costs, and only get paid for their fees and expenses if and when they are successful, following review and approval by the Court of any fee application.
To reach attorney Alan Rosca or his colleagues, TIO investors may call 888-998-0530, email arosca@rscounsel.law, or leave a message through the contact form on this webpage.
The general considerations on this page are for informational purposes only and do not constitute legal advice. Such legal advice can only be offered once the attorneys discuss each investor’s situation, learn of the relevant facts and can tailor any advice to that investor’s facts. The Tingo Class Action Investigation page is not affiliated with Tingo Group. There has not been an adjudication on the merits of any allegations referenced in this blog post, as of the date of the posting.
Contact info:
Rosca Scarlato LLC – 216-946-7070 / 888-998-0530.
Alan Rosca – arosca@rscounsel.law
Paul Scarlato – pscarlato@rscounsel.law
Kathryn Weidner – kweidner@rscounsel.law
Recent Investigations
DISCLAIMER
In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.
