Pomerantz LLP

Please review this complaint. Click to Contact Us about joining this ACTION >>

Questions? Ask Us

Pintec Technology Holdings Limited

We are investigating Pintec Technology Holdings Limited (PT) (“Pintec” or the “Company”) for potential violations of the federal securities laws. On or about October 24, 2018, Pintec conducted its initial public offering (“IPO”), selling more than 3.7 million American depositary shares priced at $11.88 per share. On April 30, 2019, Pintec disclosed that it could not timely file its 2018 annual report, its first filing on Form 20-F since going public. Then, on July 30, 2019, after the market closed, Pintec filed its 2018 annual report, in which it restated certain results. Among other things, the Company reported net income of $315,000 for fiscal 2018, compared to its prior disclosure of net income of $1.068 million. On this news, Pintec’s share price fell $0.53, or more than 13%, over the following four trading sessions, to close at $3.40 per share on August 5, 2019. Then, on August 14, 2019, after the market closed, Pintec announced the resignation of an independent director, Feng Hong. On this news, Pintec’s share price fell $0.30, or more than 7%, to close at $3.86 per share on August 15, 2019. Since the IPO, Pintec’s stock has traded as low as $2.80 per share, significantly below the $11.88 offering price.