Lawsuit filed for Investors in shares of Pintec Technology Holdings Limited (NASDAQ: PT)

An investor, who purchased shares of Pintec Technology Holdings Limited (NASDAQ: PT), filed a lawsuit over alleged violations of Federal Securities Laws by Pintec Technology Holdings Limited in connection with the Company’s October 2018 initial public offering (“IPO”).

Investors who purchased shares of Pintec Technology Holdings Limited (NASDAQ: PT), have certain options and for certain investors are short and strict deadlines running. Deadline: November 30, 2020. NASDAQ: PT investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
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 July 30, 2019, Pintec Technology Holdings Limited filed its fiscal 2018 annual report, in which it restated previously disclosed financial results. Among other things, the Company reported net income of $315,000 for fiscal 2018, compared to its prior disclosure of $1.068 million net income. Pintec also disclosed that there were material weaknesses in its 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.
On June 15, 2020, after the market closed, Pintec Technology Holdings Limited disclosed that it could not timely file its fiscal 2019 annual report and that it anticipated reporting a significant change in results of operations. Specifically, the Company disclosed that it “erroneously recorded revenue earned from certain technical service fee on a net basis” for fiscal 2017 and 2018. Moreover, Pintec “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.”

Shares of Pintec Technology Holdings Limited (NASDAQ: PT) declined to as low as $0.75 per share in September 2020.

The plaintiff claims that the defendants failed to disclose to investors that the Company erroneously recorded revenue earned from certain technical service fee on a net basis, rather than a gross basis, 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, that, as a result of the foregoing, the Company’s financial results for fiscal 2017 and 2018 had been misstated, 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 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.

This release was published on openPR.