RESEARCHERS CALL OUT TINGO GROUP, THE NIGERIAN EMPIRE THAT IS NOT IN EXISTENCE

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An investigation into possible securities claims on behalf of Tingo Group, Inc. (NASDAQ: TIO) shareholders has been opened by Rosen Law Company, a global investor rights law company, in response to charges that Tingo Group may have provided the investing public with materially false business information.

Hagens Berman has however, urged Tingo Group, Inc. (NASDAQ: TIO) investors who suffered substantial losses to submit their losses now.

The validity of Tingo Group’s accounting and the efficacy of its internal controls over financial reporting are the main subjects of the examination.

In a damning analysis titled “Tingo Group: Fake Farmers, Phones, and Financialsā€”The Nigerian Empire That Isn’t” issued on June 6, 2023, Hindenburg Research stated that “we believe the company is an exceptionally obvious scam with completely fabricated financials.”

Hindenburg noted several issues with Tingo’s CEO (also known as “Dozy” Mmobuosi), among other things. Hindenburg charges Mmobuosi of lying about “his biographical claim to have developed the first mobile payment app in Nigeria[,]” about earning a PhD, and about starting Tingo Airlines even though it just owned photoshopped versions of planes with its logo.

HindenburgĀ also observed that in February 2023, the company held a groundbreaking ceremony for a planned $1.6 billion Nigerian food processing facility using a rendering of the planned facility that was a stock photo of an oil refinery.

Furthermore,Ā HindenburgĀ discovered a related party transaction involving the companyā€™s purchase from Mmobuosi of Tingo Foods in February 2023 for $204 million (equal to the cost of inventory held by Tingo Foods) but that ā€œinventoryā€ completely vanished from Tingo Groupā€™s Q1 2023 accounts.

Among the other problems with Tingo Groupā€™s financial reporting,Ā HindenburgĀ noted ā€œ[m]ore troublingly, Tingoā€™s cash flow and balance sheet statements do not reconcile and show major errors indicating a complete lack of financial controlsā€ and ā€œ[i]ts cash flow statements regularly subtract items from cash that should beĀ addedĀ and vice versa.ā€

This news sent the price of Tingo Group shares sharply lower on June 6, 2023.

ā€œWeā€™re focused on investorsā€™ losses and whether Tingo Group intentionally cooked its books,ā€ said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Tingo Group and have substantial losses, or have knowledge that may assist the firmā€™s investigation,Ā click here to discuss your legal rights with Hagens Berman.

Whistleblowers:Ā Persons with non-public information regarding Tingo Group should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein atĀ 844-916-0895Ā or emailĀ TIO@hbsslaw.com.

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