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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
Court
8:24-cv-02900
Case number
04/22/2024
Class period Start
08/28/2024
Class period End
12/06/2024
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

iLearningEngines, Inc

iLearningEngines, Inc. operates an artificial intelligence (AI) platform for learning automation. The company's AI learning and engagement platform offers a cloud-based, mobile, offline, and multim...

    Ticker
    AILE.US
    CIK
    1835972
    Sector
    Technology
    Industry
    Software - Infrastructure
    Country
    USA
    Address
    6701 Democracy Boulevard, Bethesda, MD, United States, 20817