PHILADELPHIA, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Nationally recognized law firm Berger Montague PC informs investors that a lawsuit was filed against iLearningEngines, Inc. (“iLearningEngines” or the “Company”) (NASDAQ: AILE) on behalf of purchasers of iLearningEngines securities between April 22, 2024 and August 28, 2024, inclusive (the “Class Period”).
Investors that suffered losses from iLearningEngines (NASDAQ: AILE) investments can follow the link below for more information regarding the lawsuit:
CLICK HERE to learn more about the lawsuit.
Investors who purchased or acquired iLearningEngines securities during the Class Period may, no later than DECEMBER 6, 2024, seek to be appointed as a lead plaintiff representative of the class.
Based in Bethesda, Maryland, iLearningEngines operates an AI-driven platform for learning.
On August 29, 2024, before the market opened, Hindenburg Research published a report titled “iLearningEngines: An Artificial Intelligence SPAC With Artificial Partners and Artificial Revenue.” In its report, Hindenburg alleged that nearly all of the Company’s revenue and expenses in 2022 and 2023 were run through an undisclosed related party. The report further alleged that iLearningEngines used its undisclosed related party relationship to report revenue and expenses that are “largely fake” and that the company falsely reported $138 million in revenue from the Indian market in 2022, when total revenue was, in fact 99.4% less than what iLearningEngines claimed.
On this news, the Company’s share price fell $1.70 per share, or 53.3%, to close at $1.49 per share on August 29, 2024.
For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net or (215) 875-3048, or CLICK HERE.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
Peter Hamner
Berger Montague PC
(215) 875-3048
phamner@bm.net
