Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against iLearningEngines, Inc. (“iLearningEngines” or the “Company”) (NASDAQ: AILE).
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
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.
To learn more about the iLearningEngines investigation, go to www.faruqilaw.com/AILE or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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