BETHESDA, Md., Dec. 23, 2024 (GLOBE NEWSWIRE) -- iLearningEngines, Inc. (NASDAQ:AILE) ("iLearningEngines," "ILE" or the "Company"), a leader in AI-powered learning and work automation, today announced that on December 20, 2024 the Company voluntarily initiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware (the "Court"). The Company will seek Court approval to continue operating on a business as usual basis during the proceedings and intends to continue to provide ...

Core Viewpoint - The Gross Law Firm is notifying shareholders of iLearningEngines, Inc. (NASDAQ: AILE) about a class action lawsuit due to allegations of misleading statements and undisclosed related party transactions that inflated the company's revenue [1][2]. Group 1: Allegations and Class Period - The class period for the allegations is from April 22, 2024, to August 28, 2024 [2]. - Allegations include that the company had an undisclosed related party as a "Technology Partner" and used this partner to report "largely fake" revenue and expenses, leading to a significant overstatement of revenue [2]. Group 2: Shareholder Actions - Shareholders are encouraged to register for the class action and can do so without any cost or obligation [3]. - The deadline for shareholders to seek lead plaintiff status is December 6, 2024 [3]. Group 3: Law Firm's Mission - The Gross Law Firm aims to protect investors' rights against deceit, fraud, and illegal business practices, ensuring companies adhere to responsible business practices [4].

Core Viewpoint - iLearningEngines is facing significant challenges, including allegations of securities fraud, a plummeting stock price, and an ongoing investigation that has led to the suspension of its CFO and the withdrawal of its auditor's opinions [1][3][6]. Group 1: Company Developments - On November 18, 2024, iLearningEngines announced the postponement of its Q3 2024 financial results due to an investigation into a short seller report, leading to a stock price crash of over 30% [3]. - The company has warned that its financial statements from 2021-2024 should no longer be relied upon, following a subpoena from the SEC [3][6]. - The CFO was suspended amid these developments, and the company's auditor, Marcum, withdrew its prior opinions on the financial statements [3]. Group 2: Allegations and Investigations - A report by Hindenburg Research, released on August 29, accused iLearningEngines of fabricating revenue and engaging in questionable accounting practices, which led to a stock price decline of over 50% [4][6]. - The report alleged that the company inflated its revenue figures by routing a significant portion of its business through an undisclosed related party, Experion Technologies, raising concerns about transparency [5]. - A class-action lawsuit has been filed against iLearningEngines and its executives, claiming that false and misleading statements were made regarding the company's financial performance and operations [7]. Group 3: Investor Response - Prominent shareholder rights firm Hagens Berman is investigating the allegations against iLearningEngines, expressing serious concerns about the company's financial integrity and corporate governance [8]. - Investors who suffered substantial losses are encouraged to submit their losses to assist in the investigation [2][8].

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of iLearningEngines, Inc. (NASDAQ: AILE) regarding a class action lawsuit due to allegations of misleading statements and undisclosed related party transactions during a specified class period [1][3]. Group 1: Allegations and Class Period - The class period for the allegations is from April 22, 2024, to August 28, 2024 [3]. - Allegations include that the company had a "Technology Partner" that was an undisclosed related party, leading to the reporting of "largely fake" revenue and expenses [3]. - As a result of these actions, the company significantly overstated its revenue, and the defendants' positive statements about the company's business were materially misleading [3]. Group 2: Next Steps for Shareholders - Shareholders are encouraged to register for the class action by December 6, 2024, to potentially be appointed as lead plaintiff [4]. - Once registered, shareholders will be enrolled in a portfolio monitoring software to receive updates on the case [4]. - Participation in the case incurs no cost or obligation for the shareholders [4]. Group 3: Law Firm's Mission - The Gross Law Firm aims to protect the rights of investors who have suffered due to deceit, fraud, and illegal business practices [5]. - The firm is committed to ensuring companies adhere to responsible business practices and seeks recovery for investors affected by misleading statements that inflated stock prices [5].

Core Viewpoint - A securities class action lawsuit has been filed against iLearningEngines, Inc. for failing to disclose critical information regarding its financial reporting during a specified class period [1][4]. Company Overview - iLearningEngines, Inc. is based in Bethesda, Maryland, and operates an AI-driven platform for learning [4]. Lawsuit Details - The lawsuit pertains to investors who purchased iLearningEngines securities between April 22, 2024, and August 28, 2024 [1]. - The complaint alleges that the company did not disclose that its "Technology Partner" was an undisclosed related party and that it used this partner to report "largely fake" revenue and expenses [4]. Participation Information - Investors who acquired iLearningEngines securities during the class period can seek to be appointed as lead plaintiff representatives by December 6, 2024 [3].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased iLearningEngines, Inc. securities during the specified Class Period of the upcoming lead plaintiff deadline on December 6, 2024 [1] Group 1: Class Action Details - Investors who purchased iLearningEngines securities between April 22, 2024, and August 28, 2024, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2] - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by December 6, 2024 [3] - Investors can join the class action by visiting the provided link or contacting the law firm directly for more information [6] Group 2: Law Firm Credentials - Rosen Law Firm emphasizes the importance of selecting qualified counsel with a successful track record in securities class actions, highlighting its own achievements in this area [4] - The firm has secured significant settlements for investors, including over $438 million in 2019 alone, and has been consistently ranked among the top firms for securities class action settlements [4] Group 3: Case Allegations - The lawsuit alleges that during the Class Period, iLearningEngines made false and misleading statements, including the undisclosed relationship with a Technology Partner and the reporting of inflated revenue [5] - As a result of these actions, the positive statements made by the defendants regarding iLearningEngines' business and prospects were materially misleading [5]

Core Viewpoint - Rosen Law Firm is reminding investors who purchased iLearningEngines, Inc. securities during the specified Class Period of the upcoming lead plaintiff deadline on December 6, 2024 [1]. Group 1: Class Action Details - Investors who bought iLearningEngines securities between April 22, 2024, and August 28, 2024, may be eligible for compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties can join by contacting Rosen Law Firm [3][6]. - To serve as lead plaintiff, individuals must file a motion with the Court by December 6, 2024 [3]. Group 2: Law Firm Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company at the time [4]. - The firm was ranked No. 1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017 and has consistently ranked in the top 4 since 2013, recovering hundreds of millions for investors [4]. - In 2019, the firm secured over $438 million for investors, showcasing its effectiveness in representing clients [4]. Group 3: Case Allegations - The lawsuit alleges that during the Class Period, iLearningEngines made false and misleading statements, including the undisclosed relationship with its "Technology Partner" [5]. - It is claimed that iLearningEngines used this related party to report inflated revenue and expenses, significantly overstating its financial performance [5]. - The misleading statements about the company's business and prospects led to investor damages when the truth was revealed [5].

NEW YORK, Nov. 28, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of iLearningEngines, Inc. (NASDAQ: AILE) between April 22, 2024 and August 28, 2024, both dates inclusive (the “Class Period”), of the important December 6, 2024 lead plaintiff deadline. SO WHAT: If you purchased iLearningEngines securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee ...

Core Viewpoint - A class action has been filed against iLearningEngines, Inc. for allegedly misleading investors about its business prospects and financial performance, particularly regarding its revenue reporting practices [1][2]. Allegations - Hindenburg Research published a report claiming that iLearningEngines' revenue and expenses were largely fabricated through an undisclosed related party, referred to as their "Technology Partner" [2][3]. - The report specifically alleged that iLearningEngines falsely reported $138 million in revenue from the Indian market in 2022, while the actual revenue was approximately $853,471, representing a 99.4% discrepancy [2][3]. - Following the report's release, iLearningEngines' share price dropped by $1.70, or 53.3%, closing at $1.49 on August 29, 2024 [2]. Class Action Participation - Investors who purchased iLearningEngines securities between April 22, 2024, and August 28, 2024, may be eligible to participate in the class action [1][4]. - Shareholders interested in serving as lead plaintiffs must submit their applications by December 6, 2024 [4]. Legal Representation - Robbins LLP, a law firm specializing in securities class actions, is representing the plaintiffs on a contingency fee basis, meaning shareholders incur no fees or expenses unless the case is won [5][6].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased iLearningEngines, Inc. securities during the specified Class Period of the upcoming lead plaintiff deadline for a class action lawsuit [1][2]. Group 1: Class Action Details - Investors who purchased iLearningEngines securities between April 22, 2024, and August 28, 2024, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by December 6, 2024 [3][5]. - The lawsuit alleges that iLearningEngines made false and misleading statements regarding its financials, including overstating revenue and failing to disclose a related party involved in reporting [5]. Group 2: Rosen Law Firm's Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions, highlighting its own achievements in this area [4]. - The firm has secured significant settlements for investors, including over $438 million in 2019 alone, and has been consistently ranked among the top firms for securities class action settlements [4].