NEW YORK, Oct. 25, 2024 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against iLearningEngines, Inc. (“iLearningEngines” or the “Company”) (NASDAQ: AILE) for violations of the federal securities laws on behalf of investors who purchased or acquired iLearningEngines common stock between April 22, 2024 and August 28, 2024, inclusive (the “Class Period”).
On October 7, 2024, a complaint was filed against the Company and certain of its officers, alleging that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) that the Company’s “Technology Partner” was an undisclosed related party; (2) that the Company used its undisclosed related party Technology Partner to report “largely fake” revenue and expenses; (3) that, as a result of the foregoing, the Company significantly overstated its revenue; and (4) that, 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.
When investors learned the truth, iLearningEngines’ common stock declined precipitously, injuring investors.
If you suffered a loss of more than $50,000 in iLearningEngines’ securities, and wish to participate, or learn more, please contact our attorneys at (914) 733-7256 or via email to Andrea Farah (afarah@lowey.com) or Vincent R. Cappucci Jr. (vcappucci@lowey.com).
Any investor who wishes to serve as Lead Plaintiff must act before December 6, 2024.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has recovered billions of dollars on behalf of its clients.
Contact:
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7234
Email: investigations@lowey.com
SOURCE: Lowey Dannenberg P.C.
