CLASS ACTION ALERT: The Law Offices of Vincent Wong Remind Tingo Investors of a … – Press Release - CayPress

Tuesday, August 1, 2023

CLASS ACTION ALERT: The Law Offices of Vincent Wong Remind Tingo Investors of a … – Press Release


NEW YORK, Aug. 01, 2023 (GLOBE NEWSWIRE) — Attention Tingo Group, Inc. (“Tingo”) TIO shareholders:

The Law Offices of Vincent Wong announce that a class action lawsuit has commenced on behalf of investors who purchased between December 1, 2022 and June 6, 2023.

If you suffered a loss on your investment in Tingo, contact us about potential recovery by using the link below. There is no cost or obligation to you.

Tingo Class Action Submission Form

ABOUT THE ACTION: The class action against Tingo includes allegations that the Company made materially false and/or misleading statements and/or failed to disclose that: (1) Defendant Mmobuosi fabricated biographical claims about himself; (2) Tingo had photoshopped its logo onto pictures of airplanes it did not own; (3) Tingo inflated its food division margins; (4) Tingo published misleading images of its planned Nigerian food processing facility and overstated its progress on the facility’s construction; (5) Tingo inflated its food inventory; (6) Tingo did not have relationships with the two farming cooperatives it claimed; (7) Tingo did not generate $128 million in revenue for its handset leasing, call and data segments as it claimed; (8) Tingo’s Mobile operation in Nigeria was delinquent on its tax obligations; (9) Tingo photoshopped its logo over pictures from a different point of sale system operator’s website; (10) Tingo did not generate $125.3 million in revenue from its online marketplace called NWASSA; (11) Tingo’s agricultural export business was not on track to deliver $1.34 billion in exports by Q3 2023; (12) Tingo lacked effective controls over accounting and financial reporting; and (13) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

DEADLINE: August 7, 2023

Aggrieved Tingo investors only have until August 7, 2023 to request that the Court…



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