BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of iLearningEngines, Inc. (“iLearningEngines” or the “Company”) (NASDAQ: AILE) investors concerning the Company’s possible violations of federal securities laws.
On August 29, 2024, Hindenburg Research published a report alleging, among other things, that iLearningEngine’s revenue and expenses are “largely fake,” and that, while the Company claims that “its Indian market has an annual revenue run rate of $216 million[, the] financials for its sole Indian subsidiary reported [approximately] $853,471 in revenue for its latest fiscal year,” approximately 99.4% less than the Company’s claimed revenue in the country. Additionally, the report stated that there is “no sign of the Company” at the location stated on its website.
On this news, iLearningEngine’s stock price fell $1.49, or 53.3%, to close at $1.49 per share on August 29, 2024, thereby injuring investors.
If you purchased iLearningEngines securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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