Pomerantz LLP is investigating claims on behalf of investors of Jianpu Technology, Inc. (“Jianpu” or the “Company”) (NYSE: JT). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Jianpu and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around November 16, 2017, Jianpu commenced its initial public offering (“IPO”), selling 22.5 million American depositary shares (“ADS”) priced at $8.00 per share, and raising net proceeds of approximately $164.9 million. Then, on November 21, 2017, just two business days after the IPO, news sources announced that China’s Financial Stability and Development Committee had issued an urgent notice to provincial governments, urging them to suspend regulatory approval of new internet micro-loan companies, thereby significantly reducing the number of potential financial service providers available as potential revenue sources for Jianpu.
Following this news, Jianpu’s ADS price fell more than 38% over the following three days, closing at $4.90 per share on November 24, 2017.