This lawsuit is for anyone who acquired securities in Tingo Group, Inc. (NASDAQ: TIO) from December 1, 2022 through June 6, 2023.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the Law Offices of Howard G. Smith believes that the Company misled investors by operating the Company as a complete sham.
On June 6, 2023, Hindenburg Research published a report alleging that Tingo “is an exceptionally obvious scam with completely fabricated financials.” The report stated that Tingo’s founder, “Dozy” Mmobuosi “appears to have fabricated his biographical claim to have developed the first mobile payment app in Nigeria,” amongst other “numerous red flags” with his background. The report further detailed evidence of Tingo as a “fraud,” including websites with non-functioning links, fake testimonials, and stock photos, as well as farming cooperatives with supposed contractual relationships with the Company having no knowledge of Tingo, or stating that Tingo “are scammers. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Tingo Group, Inc. (NASDAQ: TIO) from December 1, 2022 through June 6, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
3070 Bristol Pike, Suite 112, Bensalem, PA 19020 
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hsmith@howardsmithlaw.com