GlobeNewswire Inc | Sep 30, 2020 09:24AM EDT

September 30, 2020

PHILADELPHIA, Sept. 30, 2020 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Pintec Technology Holdings Limited (Pintec or the Company) (NASDAQ: PT) to determine whether the Company engaged in securities fraud or other unlawful business practices.

Pintecinvestors who purchased, or otherwise acquired, the Companys securities pursuant and/or traceable to the registration statement and prospectus (collectively, the Registration Statement) issued in connection with Pintecs October 2018 Initial Public Offering (IPO) are encouraged to complete Kehoe Law Firms Securities Class Action Questionnaire or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804,myarnoff@kehoelawfirm.com, securities@kehoelawfirm.com, to discuss thesecurities investigation or potential legal claims.

According to the class action complaint, the Registration Statement was false and misleading and omitted to state material facts. Specifically, Defendants failed to disclose to investors: (1) that the Company erroneously recorded revenue earned from certain technical service fee on a net basis, rather than a gross basis; (2) that 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, Pintecs 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.

Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiffside law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.

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