Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against iLearningEngines, Inc. due to allegations of securities law violations related to misleading financial statements and undisclosed related party transactions [2][4]. Group 1: Allegations and Financial Misrepresentation - The complaint alleges that iLearningEngines and its executives made false and misleading statements, failing to disclose that their "Technology Partner" was an undisclosed related party [4]. - Hindenburg Research reported that iLearningEngines falsely reported $138 million in revenue from the Indian market in 2022, while the actual revenue was approximately $853,471, indicating a 99.4% overstatement [5]. - The company's share price fell by $1.70, or 53.3%, closing at $1.49 on August 29, 2024, following the release of the Hindenburg report [6]. Group 2: Legal Proceedings and Investor Actions - Investors who suffered losses exceeding $75,000 in iLearningEngines between April 22, 2024, and August 28, 2024, are encouraged to contact Faruqi & Faruqi to discuss their legal options [1]. - There is a December 6, 2024, deadline for investors to seek the role of lead plaintiff in the federal securities class action against iLearningEngines [2][7]. - Faruqi & Faruqi is also seeking information from whistleblowers, former employees, and shareholders regarding iLearningEngines' conduct [8].
INVESTOR DEADLINE APPROACHING: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of iLearningEngines