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AILE.US
id: 1368
iLearningEngines (AILE) Revenue Issues Case
The court has appointed the lead plaintiff to represent the class.
D. Maryland
Court8:24-cv-02900
Case number04/22/2024
Class period Start08/28/2024
Class period End12/06/2024
Lead Plaintiff motion deadline- $AILE stockholders filed a claim against iLearningEngines for misleading them about its prospects and overstating revenue from the Indian market.
- After the news on August 29, 2024, $AILE dropped by over 53.3%.
- iLearningEngines investors can join this case to be notified about potential recovery.
Case Details:
On August 29, 2024, Hindenburg Research’s report revealed that iLearningEngines exaggerated its financial performance, particularly overstating revenue from the Indian market.
Hindenburg Research revealed that iLearningEngines claimed $138 million in revenue from India in 2022, but the actual amount was only about $853k — a 99.4% difference.
The report also claimed that iLearningEngines used its "Technology Partner" to fake its revenue and expenses.
On this news, $AILE fell by over 53.3% on August 29, 2024.
Based on these events, $AILE stockholders filed a claim against iLearningEngines, accusing the company of the following:
- The Company had an undisclosed related party as its "Technology Partner."
- This partner was used to report mostly fake revenue and expenses, leading to a significant overstatement of the revenue.
Considering all the representations, investors suspect that iLearningEngines had an undisclosed related party as its "Technology Partner" and used to report mostly fake revenue and expenses.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08/29/2024
Filing date
10/07/2024
Lead Plaintiff Deadline
12/06/2024
Judge
Deborah K. Chasanow