GlobeNewswire Inc | Oct 20, 2020 11:00AM EDT

October 20, 2020

LOS ANGELES, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (GPM) reminds investors of the upcomingNovember 30, 2020deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Pintec Technology Holdings Limited (Pintec or the Company) (NASDAQ: PT) securities pursuant and/or traceable toPintecsOctober 2018 initial public offering (IPO or the Offering).

If you suffered a loss on your Pintec investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/pintec-technology-holdings-limited/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

In October 2018, Pintec completed its IPO in which it sold more than 3.7 million American Depositary Shares (ADSs or shares) at $11.88 per share.

On July 30, 2019, after the market closed,Pintecfiled its fiscal 2018 annual report, in which it restated previously disclosed financial results. Among other things,Pintecreported net income of $315,000 for fiscal 2018, compared to its prior disclosure of $1.068 million net income.The Companyalso disclosed that there were material weaknesses in its 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,PlutuxLabs.

On this news,Pintecsshare price fell $0.53, or more than 13%, over the next several trading sessions, to close at $3.40 per share on August 5, 2019, thereby injuring investors.

On June 15, 2020, after the market closed,the Companydisclosed that it could not timely file its fiscal 2019 annual report and that it anticipated reporting a significant change in results of operations. Specifically,Pintecdisclosed that it erroneously recorded revenue earned from certain technical service fee on a net basis for fiscal 2017 and 2018. Moreover,the Companyannounced a net loss of RMB906.5 million in the full year of 2019 due to RMB890.7 million of provision for credit loss in amounts due from a related party, Jimu Group, and RMB200millionof impairment in prepayment for long-term investment.

By theinitiationof this action, Pintec shares were trading as low as $0.92 per share, a nearly 92% decline from the $11.88 per share IPO price.

The complaint alleges that the Registration Statement was false and misleading and omitted to state material facts. Specifically, Defendants failed to disclose to investors: (1) thatPintecerroneously recorded revenue earned from certain technical service fee on a net basis, rather than a gross basis; (2) that there were material weaknesses inthe Companysinternal 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,PlutuxLabs; (3) that, as a result of the foregoing,Pintecsfinancial results for fiscal 2017 and 2018 had been misstated; and (4) that, as a result of the foregoing, Defendants positive statements about thePintecsbusiness, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

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If you purchased or otherwise acquired Pintec securities, you may move the Court no later thanNovember 30, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish tolearn moreabout this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts Glancy Prongay & Murray LLP, Los Angeles Charles Linehan, 310-201-9150 or 888-773-9224 shareholders@glancylaw.comwww.glancylaw.com