SAN DIEGO, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of iLearningEngines, Inc. (NASDAQ: AILE) that seeks to recover losses on behalf of investors who acquired between April 22, 2024 and August 28, 2024, both dates inclusive (the "Class Period"). If you wish to serve as lead plaintiff, you must move the Court no later than December 6, 2024.
If you incurred significant losses and want to act as the lead plaintiff in the class action lawsuit or determine if you are eligible to receive a potential recovery of your losses, follow the link provided: POTENTIALLY RECOVER YOUR LOSSES HERE
For more information, contact James Baker, (619) 814-4471, jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
The complaint alleges that defendants made false statements and/or concealed that: (1) the Company's "Technology Partner" was an undisclosed related party; (2) the Company used its undisclosed related party Technology Partner to report "largely fake" revenue and expenses; (3) as a result of the foregoing, the Company significantly overstated its revenue; 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.
Johnson Fistel began an investigation on August 27, 2024, when Hindenburg Research issued a report on iLearningEngines highlighting a number of concerns regarding the company's operations. According to the report, in November 2023, before the IPO, the SEC inquired whether the “Technology Partner” was a related party. The company replied that it was not.
Hindenburg states further that “Technology Partner” is a UAE-based entity named Experion Technologies, identified through documents related to a debt transaction. We believe this entity is an undisclosed related party, suggesting that iLearningEngines misled the SEC. According to a 2020 web capture, the American contact for Experion was listed as the CEO of iLearningEngines. Additionally, a 2022 web capture showed the American address for Experion as the personal residence of iLearningEngines’ CEO.
Investor Action Steps: Shareholders who incurred losses during the class period have until December 6, 2024, to move the court to become a lead plaintiff in this action. A lead plaintiff will act on behalf of all other class members in directing the class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
About Johnson Fistel, LLP | Top Law Firm, Securities Fraud, Investors Rights:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. We also extend our services to foreign investors who have purchased on US exchanges. Stay updated with news on stock drops and learn how Johnson Fistel, LLP can help you recover your losses. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com.
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Contact:
Johnson Fistel, LLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471
jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
