GlobeNewswire Inc | Mar 2, 2021 12:30PM EST

March 02, 2021

LOS ANGELES, March 02, 2021 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (GPM) reminds investors of the upcomingApril 19, 2021deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Jianpu Technology, Inc. (Jianpu or the Company) (NYSE: JT) American Depositary Shares (ADSs or shares) between May 29, 2018 and February 16, 2021, inclusive (the Class Period).

If you suffered a loss on your Jianpu 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/jianpu-technology-inc/. 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.

On February 16, 2021, Jianpu announced the results of its review into transactions carried out by the Credit Card Recommendation Business Unit with third-party business entities. The Company concluded that previously reported revenue and associated expenses had been inflated due to certain transactions [that] involved third-party agents (including both upstream agents and downstream suppliers) with undisclosed relationships and some transactions [that] lacked business substance. Jianpu stated that it anticipates the total amount of overstated revenue for the fiscal years 2018 and 2019 to be approximately, RMB 90 million and RMB 164 million, respectively, representing approximately 4.5% and 10.1% of the total revenue previously reported.

On this news, the Companys share price fell $0.60, or 13%, to close at $3.94 per share on February 16, 2021, on unusually heavy trading volume.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that certain of the Companys transactions carried out by the Credit Card Recommendation Business Unit involved undisclosed relationships or lacked business substance; (2) that, as a result, Jianpus revenue and costs and expenses for fiscal 2018 and 2019 were overstated; (3) that there were material weaknesses in Jianpus internal control over financial reporting; (4) that, as a result of the foregoing, the Companys fiscal 2018 Form 20-F was reasonably likely to be restated; and (5) that, 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.

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If you purchased or otherwise acquired Jianpu ADSs during the Class Period, you may move the Court no later thanApril 19, 2021 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