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Investigation announced for Investors in shares of Pintec Technology Holdings Limited (NASDAQ: PT)

06-30-2020 01:11 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation for investors in Pintec Technology Holdings Limited (NASDAQ: PT) shares over potential securities laws violations

An investigation for investors in Pintec Technology Holdings Limited (NASDAQ: PT) shares over potential securities laws violations

An investigation was announced for potential securities laws violations by Pintec Technology Holdings Limited in connection with certain financial statements.

Investors who purchased shares of Pintec Technology Holdings Limited (NASDAQ: PT), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Pintec Technology Holdings Limited (NASDAQ: PT) concerning whether a series of statements by Pintec Technology Holdings Limited regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

China based Pintec Technology Holdings Limited, through with its subsidiaries, engages in the operation of an online technology platform that enables financial services in the People's Republic of China.
In October 2018, Pintec Technology Holdings Limited completed its initial public offering (“IPO”) in which it sold more than 3.7 million American Depositary Shares at $11.88 per ADS.
On April 30, 2019, Pintec revealed that it could not timely file its 2018 annual report, its first filing on Form 20-F since Pintec went public.

On March 20, 2019, Pintec Technology Holdings Limited announced its fourth quarter and full year 2018 unaudited financial results. Pintec Technology Holdings Limited (NASDAQ: PT) reported that ita annual Total Revenue rose from 568.72 million RMB in 2017 to over 1.05 billion RMB in 2018 and that its Net Loss of 84.86 million RMB in 2017 turned into a Net Income of 7.35 million RMB in 2018.

Then, on June 15, 2020, after the market closed, Pintec Technology Holdings Limited disclosed that it could not timely file its 2019 annual report and that it anticipated reporting a significant change in results of operations. Specifically, Pintec Technology Holdings disclosed that it "erroneously recorded revenue earned from certain technical service fee on a net basis" for fiscal 2017 and 2018. Moreover, Pintec Technology Holdings "announced a net loss of RMB906.5 million in the full year of 2019 due to RMB890.7 million of provision for credit loss in amounts due from a related party, Jimu Group, and RMB200 million of impairment in prepayment for long-term investment."

Those who purchased shares of Pintec Technology Holdings Limited (NASDAQ: PT) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, 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, investigations, and/or settlements are not filed/initiated/reached and/or are not 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.

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