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].
AILE Case Alert: Contact Robbins LLP for Information About the Lead Plaintiff Deadline in the iLearningEngines, Inc. Class Action