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NEW YORK, NY / ACCESSWIRE / June 11, 2019 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the links provided.
Jumia Technologies AG (JMIA)
Class Period: Purchasers of American Depositary Shares between April 12, 2019 and May 9, 2019
Lead Plaintiff Deadline : July 15, 2019
Join the action: https://www.zlk.com/pslra-1/jumia-technologies-ag-loss-form?prid=1909&wire=1
Allegations: Jumia Technologies AG made materially false and/or misleading statements and/or failed to disclose that: (a) Jumia had materially overstated its active customers and active merchants; (b) Jumia's representations about its orders, order cancellations, undelivered orders and returned orders lacked a sufficient factual basis and materially overstated the Company's sales; (c) Jumia failed to sufficiently disclose related party transactions; and (d) Jumia's financial statements were presented in violation of applicable accounting standards.
To learn more about the Jumia Technologies AG class action contact jlevi@levikorsinsky.com.
A. O. Smith Corporation (AOS)
Class Period: July 26, 2016 - May 16, 2019
Lead Plaintiff Deadline : July 29, 2019
Join the action: https://www.zlk.com/pslra-1/a-o-smith-corporation-loss-form?prid=1909&wire=1
Allegations: A. O. Smith Corporation made materially false and/or misleading statements throughout the class period and/or failed to disclose that: (a) A.O. Smith had undisclosed business connections and entanglements with UTP through which it funneled up to 75% of its China product sales; (b) A.O. Smith had used UTP to engage in channel stuffing by artificially inflating inventories purportedly sold through distributors that were not based on consumer demand, thereby approximately doubling the normal level of inventory at such distributors; (c) A.O. Smith had used its UTP relationship to artificially inflate the sales figures it reported to investors by as much as 8% and to conceal worsening sales trends that the Company was experiencing in China; (d) A.O. Smith's sales growth had been primarily in lower margin products as its higher priced products were being undercut by competition in "second-tier" Chinese cities, causing the Company to experience significant margin pressures; (e) A.O. Smith had increased its cash reserves in China to over $530 million in furtherance of its channel stuffing and sales manipulation scheme, encumbering the Company's ability to repatriate the cash or use it for capital expenditures; and (f) as a result of (a)-(e) above, A.O. Smith's business, operations, and prospects were significantly worse than publicly represented and the Company was poised for sales and earnings declines in China, its most important international market.