iLearningEngines, Inc. (NASDAQ: AILE)

This lawsuit is for anyone who acquired securities in iLearningEngines, Inc. (NASDAQ: AILE) from April 22, 2024 through August 28, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by issuing fake financial information.

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, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in iLearningEngines, Inc. (NASDAQ: AILE) from April 22, 2024 through August 28, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.