NEW YORK, Oct. 10, 2024 (GLOBE NEWSWIRE) — – Wolf Haldenstein Adler Freeman & Herz LLP (“Wolf Haldenstein”) announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of Maryland on behalf of persons and entities that purchased or otherwise acquired iLearningEngines, Inc. (“iLearningEngines” or the “Company”) (NASDAQ: AILE) securities between April 22, 2024 and August 28, 2024, inclusive (the “Class Period”).
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All investors who purchased shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
On August 29, 2024, pre-market. Hindenburg Research published a report titled “iLearningEngines: An Artificial Intelligence SPAC With Artificial Partners and Artificial Revenue.” In its report, Hindenburg Research alleged that nearly all the Company’s revenue and expenses in 2022 and 2023 were run through an undisclosed related party, which the Company refers to as their “Technology Partner.”
Hindenburg Research further alleged that iLearningEngines uses its undisclosed related party relationship to report revenue and expenses that are “largely fake.” Among other things, Hindenburg Research alleged that the Company used its undisclosed related party relationship with this Technology Partner to falsely report $138 million in revenue from the Indian market in 2022, In reality, total revenue was approximately $853,471, or 99.4% less than what iLearningEngines had claimed as revenue in the country for that period.
On this news, the Company’s share price fell $1.70 or 53.3%, to close at $1.49 on August 29, 2024.
If you have incurred losses, you may, no later than December 6, 2024, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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