Pintec Technology Holdings Limited (PT)
Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Pintec Technology Holdings Limited (PT)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Pintec Technology Holdings Limited (“Pintec” or the “Company”) (NASDAQ: PT). The investigation concerns whether Pintec and certain of its officers and/or directors have violated federal securities laws.
On or about October 24, 2018, Pintec conducted its initial public offering (“IPO”), selling more than 3.7 million American depositary shares priced at $11.88 per share. On April 30, 2019, Pintec disclosed that it could not timely file its 2018 annual report, its first filing on Form 20-F since going public. Then, on July 30, 2019, after the market closed, Pintec filed its 2018 annual report, in which it restated certain results. Among other things, the Company reported net income of $315,000 for fiscal 2018, compared to its prior disclosure of net income of $1.068 million. On this news, Pintec’s share price fell $0.53, or more than 13%, over the following four trading sessions, to close at $3.40 per share on August 5, 2019. Then, on August 14, 2019, after the market closed, Pintec announced the resignation of an independent director, Feng Hong. On this news, Pintec’s share price fell $0.30, or more than 7%, to close at $3.86 per share on August 15, 2019. Since the IPO, Pintec’s stock has traded as low as $2.80 per share, significantly below the $11.88 offering price.
If you are aware of any facts relating to this investigation, or purchased Pintec shares, you can learn more about the investigation by contacting Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.