Faruqi & Faruqi, LLP investigates claims on behalf of investors of Ilearningengines

(MENAFN– GlobeNewsWire-Nasdaq) Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages investors who have suffered losses exceeding $75,000 in iLearningEngines to contact him directly to discuss their options

If you have suffered losses of more than €75,000 iLearning engines between April 22, 2024 and August 28, 2024 and would like to discuss your opinion legal rights, call Faruqi & Faruqi partner Josh Wilson direct bee 877-247-4292 or 212-983-9330 (Ext. 1310) .

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NEW YORK, Nov. 6, 2024 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against iLearningEngines, Inc. (“iLearningEngines” or the “Company”) (NASDAQ: AILE ) and reminds investors of the Deadline December 6, 2024 to serve as lead plaintiff in a federal securities class action filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has returned hundreds of millions of dollars for investors since its founding in 1995. See .

As set forth below, the complaint alleges that the Company and its executives violated the federal securities laws by making false and/or misleading statements and/or failing to disclose that (1) the Company’s “Technology Partner” was an undisclosed related party; (2) that the Company used its undisclosed related party Technology Partner to report “substantially false” income and expenses; (3) that, as a result of the foregoing, the Company has materially overstated its revenues; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On August 29, 2024, before the market opened, Hindenburg Research published a report titled “iLearningEngines: An Artificial Intelligence SPAC With Artificial Partners and Artificial Revenue.” In its report, Hindenburg Research claimed that nearly all of the company’s revenues and expenses in 2022 and 2023 went through an undisclosed related party, whom the company refers to as their “technology partner.” Hindenburg Research further alleged that iLearningEngines uses its undisclosed relationship with related parties to report revenues and expenses that are “largely bogus.” Among other things, Hindenburg Research alleged that the company used its undisclosed relationship with this technology partner to falsely report $138 million in revenue from the Indian market in 2022, when in reality total revenue was approximately $853,471.00, or 99.4%. less than what iLearningEngines claimed in revenues in the country during that period.

On this news, the company’s stock price fell $1.70, or 53.3%, to close at $1.49 on August 29, 2024, on unusually high trading volume.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class, which is adequate and typical of the class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent member of the class. Your ability to share in any recovery is not affected by the decision whether or not to serve as lead plaintiff.

Faruqi & Faruqi, LLP also encourages anyone with information about iLearningEngines’ conduct to contact the company, including whistleblowers, former employees, shareholders and others.

For more information about the iLearning engines class action, go to /AILE or phone conversation Faruqi & Faruqi Partner Josh Wilson direct bee 877-247-4292 or 212-983-9330 (Ext. 1310) .

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