(NewMediaWire) - October 23, 2024 - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against iLearningEngines, Inc. (“iLearningEngines” or the “Company”) (NASDAQ: AILE) securities between April 22, 2024 and August 28, 2024 (the “Class Period”).If you are an investor in iLearningEngines and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
On August 29, 2024 Hindenburg Research published a report entitled, “iLearningEngines: An Artificial Intelligence SPAC With Artificial Partners And Artificial Revenue” (the “Hindenburg Report”). The Hindenburg Report alleges “[w]e suspect both the company’s revenue and expenses are largely fake” and “[w]e believe the majority of iLearningEngines’ revenue doesn’t exist, and that its relationship with the mystery ‘Technology Partner’ is merely a conduit for falsifying its financials.” Following the publication of the Hindenburg Report, iLearningEngines issued a statement that “it contains misleading statements, speculations and innuendos” and that the Company “intend[s] to respond in the coming days.”
On August 29, 2024, the price of iLearningEngine fell $1.70 per share, over 53%, to close at $1.49 per share on heavy trading volume of over 12 million shares.
The complaint alleges, among other things, that throughout the Class Period, the Defendants failed to disclose to investors: (i) that the Company’s “Technology Partner” was an undisclosed related party; (ii) that the Company used its undisclosed related party Technology Partner to report “largely fake” revenue and expenses; and (iii) that, as a result of the foregoing, the Company significantly overstated its revenue.
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If you have any questions about this Notice, your rights, or your interests, please contact:
CONTACT:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com
