TIO LAWSUIT ALERT: Levi & Korsinsky Notifies Tingo Group, Inc. Investors of a Class Action Lawsuit and Upcoming Deadline

NEW YORK, June 29, 2023

CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Tingo investors who were adversely affected by alleged securities fraud between December 1, 2022 and June 6, 2023. Follow the link below to get more information and be contacted by a member of our team:

https://zlk.com/pslra-1/tingo-lawsuit-submission-form?prid=41452&wire=4

TIO investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.

CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) Defendant Mmobuosi fabricated biographical claims about himself; (2) Tingo had photoshopped its logo onto pictures of airplanes it did not own; (3) Tingo inflated its food division margins; (4) Tingo published misleading images of its planned Nigerian food processing facility and overstated its progress on the facility's construction; (5) Tingo inflated its food inventory; (6) Tingo did not have relationships with the two farming cooperatives it claimed; (7) Tingo did not generate $128 million in revenue for its handset leasing, call and data segments as it claimed; (8) Tingo's Mobile operation in Nigeria was delinquent on its tax obligations; (9) Tingo photoshopped its logo over pictures from a different point of sale system operator's website; (10) Tingo did not generate $125.3 million in revenue from its online marketplace called NWASSA; (11) Tingo's agricultural export business was not on track to deliver $1.34 billion in exports by Q3 2023; (12) Tingo lacked effective controls over accounting and financial reporting; and (13) as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

WHAT'S NEXT? If you suffered a loss in Tingo during the relevant time frame, you have until August 7, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.