Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against iLearningEngines, Inc. due to allegations of securities law violations, with a deadline for investors to seek lead plaintiff status in a class action lawsuit by December 6, 2024 [2][4]. Group 1: Allegations Against iLearningEngines - The complaint alleges that iLearningEngines and its executives made false and misleading statements, including the undisclosed relationship with a "Technology Partner" [4]. - It is claimed that iLearningEngines reported "largely fake" revenue and expenses through this undisclosed related party, significantly overstating its revenue [4][5]. - Specifically, Hindenburg Research 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 [5][6]. Group 2: Market Reaction - Following the publication of Hindenburg Research's report, iLearningEngines' share price fell by $1.70, or 53.3%, closing at $1.49 on August 29, 2024, amid unusually heavy trading volume [6]. Group 3: Legal Proceedings - Investors who suffered losses exceeding $75,000 between April 22, 2024, and August 28, 2024, are encouraged to contact Faruqi & Faruqi to discuss their legal options [1]. - The role of lead plaintiff in the class action is open to any member of the putative class, with the lead plaintiff being the one with the largest financial interest [7].
Faruqi & Faruqi Reminds iLearningEngines Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of December 6, 2024 - AILE