AILE Class Action Notice: Robbins LLP Reminds Investors of the Pending Lead Plaintiff Deadline in the Class Action Against iLearningEngines, Inc. - iLearningEngines (NASDAQ:AILE)
- A class action has been filed against iLearningEngines, Inc. by a shareholder on behalf of investors who acquired AILE securities between April 22, 2024, and August 28, 2024.
- The allegations include misleading investors about the company's revenue, with claims that nearly all reported revenue was fabricated through an undisclosed related party.
- Shareholders have until December 6, 2024, to apply as lead plaintiffs, with no fees or expenses required for participation in the case.
On October 14, 2024, Robbins LLP announced a class action lawsuit against iLearningEngines, Inc., a company that claims to provide AI-powered learning automation software. The lawsuit was filed on behalf of shareholders who purchased AILE securities between April 22, 2024, and August 28, 2024. The allegations stem from a report published by Hindenburg Research on August 29, 2024, which accused iLearningEngines of significantly inflating its revenue figures through undisclosed relationships with a related party referred to as their 'Technology Partner.' The report claimed that iLearningEngines falsely reported $138 million in revenue from the Indian market in 2022, while the actual revenue was only approximately $853,471. This discrepancy raised serious concerns about the company's financial integrity and transparency. The lawsuit alleges that the company misled investors by failing to disclose the nature of its relationship with the Technology Partner and the extent of the fabricated revenue. As a result of these allegations, shareholders are encouraged to participate in the class action, with the deadline for submitting applications to serve as lead plaintiffs set for December 6, 2024. Importantly, shareholders are not required to actively participate in the case to be eligible for any potential recovery. Robbins LLP, known for its focus on shareholder rights litigation, emphasizes that shareholders will incur no fees or expenses in this process. The firm has a history of successfully recovering losses for investors and holding companies accountable for wrongdoing.