Tingo Group, Inc. (TIO) Securities Lawsuit Investigation
On June 6, 2023, Hindenburg Research published a scathing report accusing Tingo Group, Inc. (NASDAQ: TIO) of fabricating financial results and lying about numerous business partnerships and products.
Following this news, shares of Tingo Group plunged over 56% on June 6, 2023, causing significant harm to investors.
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Why is TIO stock dropping?
On Tuesday, June 6, 2023, shares of Tingo Group plummeted over 56% after Hindenburg Research released a report claiming the global Fintech and Agri-Fintech group is an “exceptionally obvious scam with completely fabricated financials.” Hindenburg alleges that Tingo has fabricated financial results, and that “Tingo’s cash flow and balance sheet statements do not reconcile and show major errors indicating a complete lack of financial controls.” Further, the financial reporting errors “also seem to apply to Tingo’s audited annual financial statements, which were recently given an unqualified audit opinion by Deloitte Israel” as alleged by Hindenburg.
The Hindenburg report also accuses Tingo of lying about business partnerships and products. For example, the Hindenburg report states that Tingo claims that its payment group has a point of sale (PoS) system and other merchant products, but when Hindenburg researchers investigated this further, they found that pictures of Tingo’s supposed PoS system “were taken from a different PoS operator’s website, with a Tingo logo photoshopped over them.”
Tingo’s Founder and CEO, Dozy Mmobuosi lied about his background, faced previous arrest, per Hindenburg Report
Dozy Mmobuosi may have fabricated parts of his background, including that he has a PhD, according to Hindenburg. The Hindenburg report states that the businessman and tech entrepreneur was previously arrested and faced an 8-count indictment over issuance of bad checks, according to the Nigerian Economic and Financial Crimes Commission. The report calls into question past claims and statements that Dozy has made about Tingo Group, including that he lied about having launched “Tingo Airlines,” despite later admitting he never owned any aircrafts.
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