Core Points - A lawsuit has been filed against iLearningEngines, Inc. on behalf of investors who purchased securities between April 22, 2024, and August 28, 2024 [1][2] - The lawsuit follows a report by Hindenburg Research alleging that iLearningEngines reported inflated revenue figures, specifically claiming $138 million in revenue from the Indian market in 2022, which was actually 99.4% less [3] - Following the allegations, iLearningEngines' share price dropped by $1.70, or 53.3%, closing at $1.49 on August 29, 2024 [4] Company Overview - iLearningEngines operates an AI-driven platform for learning and is based in Bethesda, Maryland [2] - The company has been accused of running nearly all its revenue and expenses through an undisclosed related party, leading to claims of "largely fake" financial reporting [3] Legal Proceedings - Investors who suffered losses can seek to be appointed as lead plaintiff by December 6, 2024 [2] - A lead plaintiff represents the interests of all class members in the litigation process [5]
INVESTOR REMINDER: Berger Montague Notifies iLearningEngines (NASDAQ: AILE) Investors of a Class Action Lawsuit and Deadline