The Law Offices of Frank R. Cruz announces an investigation of iLearningEngines, Inc. (“iLearningEngines” or the “Company”) (NASDAQ: AILE) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On August 29, 2024, Hindenburg Research published a report alleging, among other things, that iLearningEngine’s revenue and expenses are “largely fake,” and that, while the Company claims that “its Indian market has an annual revenue run rate of $216 million[, the] financials for its sole Indian subsidiary reported [approximately] $853,471 in revenue for its latest fiscal year,” approximately 99.4% less than the Company’s claimed revenue in the country. Additionally, the report stated that there is “no sign of the Company” at the location stated on its website.
On this news, iLearningEngine’s stock price fell as much as 59% during intraday trading on August 29, 2024, thereby injuring investors.
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If you purchased iLearningEngines securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240829735937/en/
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
