On
Wall Street Jumia Claimed To Be
African Start Up Now Settles
Securities Fraud Litigation
By Matthew
Russell Lee
SDNY COURTHOUSE,
March 24 –
There was a banner on the
front of the New York
Stock Exchange on April
12, 2019: "Jumia,
the 1st African Tech
Start-Up." Inner
City Press saw
it and
reported
it:
"It
was
a feel-good
story but
in fact it may
not be true,
despite the
Financial Times
writing
that the
company was
"founded" in
Nigeria.
The engineers
are in Portugal;
the jobs in
Africa are in
a warehouse. It may
be a fraud
like
the UN of Portuguese
Antonio Guterres,
whose son
Pedro
Guimarães e
Melo De
Oliveira
Guterres has
UNdisclosed
colonial
business links
in Africa and of
Amina J.
Mohammed, who
backdated
thousands of certificates to
export endangered rosewood
from Cameroon
to China. The irony is
committing
securities
fraud right on
the facade of
the NYSE."
Jump-cut
to March 25,
2021, and U.S.
District Court
for the
Southern District of
New York
Judge P. Kevin
Castel, fresh
after
presiding over
the jury trial of Honduras
narco-trafficker
Geovanny Fuentes,
held a
so-called
fairness
hearing on Jumia.
They
had been sued for
securities
fraud, and had
settled.
Judge Castel
said there were no
objectors or
opt-outs in
the courtroom. He
ruled there is
no
reason for
delay in the enter
of the
[Settlement]
order. And so
it was done.
The case
is, or was, In
re Jumia
Technologies
AG Securities
Litigation,
19-cv-4397
(Castel).
***
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