GlobeNewswire Inc | Nov 24, 2020 11:32AM EST

November 24, 2020

NEW YORK, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of Pintec Technology Holdings Limited (NASDAQ: PT) pursuant and/or traceable to the registration statement issued in connection with the Companys October 2018 initial public offering (the IPO), inclusive (the Class Period). The lawsuit seeks to recover damages for Pintec Technology Holdings Limited investors under the federal securities laws.

To join the class action, go here or call Vik Pawar, Esq. toll-free at 888-589-9804 or emailinfo@pawarlawgroup.comfor information on the class action.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company erroneously recorded revenue earned from certain technical service fees on a net basis, rather than a gross basis; (2) there were material weaknesses in Pintecs internal control over financial reporting related to cash advances outside the normal course of business to Jimu Group, a related party, and to a non-routine loan financing transaction with a third-party entity, Plutux Labs; (3) as a result of the foregoing, the Companys financial results for fiscal 2017 and 2018 had been misstated; and (4) as a result of the foregoing, defendants positive statements about the Companys business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you wish to serve as lead plaintiff, you must move the Court no later than November 30, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

No class has been certified. Until a class is certified, you are not represented by counsel unless you hire one. You may hire counsel of your choice. You may also do nothing at this time and be an absent member of the class. Your ability to share in any future recovery is not dependent upon being a lead plaintiff.

Pawar Law Group represents investors from around the world. Attorney advertising. Prior results do not guarantee or predict a similar outcome with respect to any future matter.---------------------

Contact:Vik Pawar, Esq.Pawar Law Group20 Vesey Street, Suite 1410New York, NY 10007Tel: (917) 261-2277Fax: (212) 571-0938info@pawarlawgroup.com