This archive report was first published on 7 August 2019.
On August 6th, Jumia's share price hit a new low of $13.81, a stark contrast to its initial listing price of $14.50 on the New York Stock Exchange in April 2019.
According to reports, the company has been facing intense scrutiny, with two law firms issuing statements claiming that Jumia is under investigation, contributing to the share price decline.
On May 14th, a class action lawsuit was filed against Jumia on behalf of investors, alleging that the company had failed to disclose in its Form F-1 filing that 41% of its orders were not honoured. This led to a significant drop in share price to $19.06 on May 17th.
Despite its struggles, Jumia remains a significant player in the e-commerce space, having raised over $200 million in its IPO and achieving a valuation of $1 billion. The company's shares began trading on the New York Stock Exchange on April 12th, opening at $14.50.
As reported in the financial results for the quarter ended March 31, 2019, Jumia experienced a 12% growth in revenue to 31.8 million euros.
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