iLearningEngines Faces Securities Class Action Lawsuit: Faruqi & Faruqi Encourages Investors to Join
Faruqi & Faruqi, LLP, a prominent national securities law firm, is currently investigating potential legal claims against iLearningEngines, Inc. (AIL.E). This investigation follows a scathing report published by Hindenburg Research, which alleged that iLearningEngines engaged in deceptive practices to inflate its revenue. The report accused the company of using an undisclosed related party, referred to as their “Technology Partner,” to artificially inflate revenue and expenses.
Specifically, Hindenburg Research claims that iLearningEngines falsely reported $138 million in revenue from the Indian market in 2022, when the actual revenue was significantly less, around $853,471. The report’s release led to a significant drop in iLearningEngines’ share price, plummeting by 53.3% on August 29, 2024.
Faruqi & Faruqi is representing investors who suffered losses exceeding $75,000 in iLearningEngines between April 22, 2024, and August 28, 2024. The firm is encouraging these investors to reach out to discuss their legal options and potentially join a federal securities class action lawsuit filed against the company. The deadline to seek the role of lead plaintiff in this lawsuit is December 6, 2024.
The firm emphasizes that investors who suffered losses have the opportunity to become lead plaintiff in the lawsuit, ensuring their interests are represented effectively. Investors are encouraged to contact Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) for more information.
Faruqi & Faruqi, LLP is a respected national securities law firm with offices in New York, Pennsylvania, California, and Georgia. The firm has a strong track record of recovering substantial funds for investors since its founding in 1995. For additional information and updates on the iLearningEngines class action, visit www.faruqilaw.com/AILE.
