Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against iLearningEngines, Inc. (AILE)

Investors are abuzz with legal action as Glancy Prongay & Murray LLP (“GPM”) nudges them about the looming deadline for filing a lead plaintiff motion in the class action against iLearningEngines, Inc. (“iLearningEngines” or the “Company”). The deadline set for December 6, 2024, pertains to individuals who purchased or acquired iLearningEngines securities between April 22, 2024, and August 28, 2024 – a period known as the “Class Period.”

On the dawn of August 29, 2024, before market hours, Hindenburg Research startled the investment world by releasing a report titled “iLearningEngines: An Artificial Intelligence SPAC With Artificial Partners and Artificial Revenue.” The bombshell report exposed that a significant chunk of the Company’s revenue and expenses for 2022 and 2023 were channeled through an undisclosed related party, cryptically dubbed the “Technology Partner.” Hindenburg Research’s findings indict iLearningEngines of fabricating revenue and expenses by exploiting this undisclosed relationship. Among the damning revelations, the report revealed that the Company falsely inflated revenue numbers, claiming $138 million from the Indian market in 2022 when actual revenue stood at a measly $853,471, a staggering 99.4% less than the reported figure.

The shock waves from this exposé were swift and brutal. iLearningEngines’ stock tumbled by $1.70 or 53.3%, concluding the day at $1.49 on August 29, 2024, amid tumultuous trading activity.

The class action complaint premises itself on allegations that throughout the Class Period, the Defendants peddled materially false and misleading statements. They allegedly concealed vital facts regarding the Company’s operations, business, and future prospects. Specifically, the Defendants purportedly failed to disclose: (1) the true nature of the Company’s “Technology Partner” as an undisclosed related party; (2) their utilization of the undisclosed related party to concoct fictitious revenue and expenses; (3) the gross overstatement of revenue due to the said misrepresentations; and (4) the groundlessness or misinformation underpinning the Defendants’ positive affirmations about the Company’s business and outlook.

Afflicted investors, if any, can receive updates and relevant information on the unfolding saga by following Glancy Prongay & Murray LLP on LinkedIn, Twitter, or Facebook.

Those who procured iLearningEngines securities during the Class Period have until December 6, 2024 to petition for the lead plaintiff role in this putative class action lawsuit. Remaining passive is another option for class action membership; however, if you seek further insights into this legal tussle or wish to clarify your stance and rights concerning the pending lawsuit, contact Charles Linehan, Esquire, of GPM, situated at 1925 Century Park East, Suite 2100, Los Angeles, California 90067, via telephone at 310-201-9150 or Toll-Free at 888-773-9224, or through email at shareholders@glancylaw.com, or visit their website at www.glancylaw.com. For email inquiries, do include your mailing address, phone number, and the quantity of shares purchased.

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View the original source version on businesswire.com: https://www.businesswire.com/news/home/20241022569327/en/