iLearningEngines (AILE) Stock Plummets Amid Fraud Allegations and Investor Lawsuit

iLEARNINGENGINES, INC. ANNOUNCEMENT: If You Have Suffered Losses in iLearningEngines, Inc. (NASDAQ: AILE), Contact The Rosen Law Firm About Your Rights - AILE - iLearningEngines (NASDAQ:AILE)

NEW YORK, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Why: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of iLearningEngines, Inc. AILE resulting from allegations that iLearningEngines may have issued materially misleading business information to the investing public. So What: If you purchased iLearningEngines securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses. What to do next: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=28305 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. What is this about: On August 29, 2024, Hindenburg Research issued a report on iLearningEngines entitled, "iLearningEngines: An Artificial Intelligence SPAC With Artificial Partners And Artificial Revenue." In this report, Hindenburg stated that it suspected that the "company's revenue and expenses are largely fake." The Hindenburg report further stated that nearly all of the company's revenue and expenses "seem to be run through an undisclosed related party, an unnamed 'Technology Partner.'" Further, Hindenburg stated its belief that iLearning Engines had "lied to the SEC" when the company told the SEC that "Technology Partner" was not a related party. On this news, iLearningEngines' stock fell 53% on August 29, 2024. Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/. Attorney Advertising. Prior results do not guarantee a similar outcome. ------------------------------- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 case@rosenlegal.com www.rosenlegal.com Market News and Data brought to you by Benzinga APIs

iLearningEngines (AILE) Tanks After Hindenburg Contends Revenues and Expenses "[L]argely Fake" - Hagens Berman - iLearningEngines (NASDAQ:AILE)

SAN FRANCISCO, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges iLearningEngines, Inc. AILE investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may assist the investigation to contact its attorneys. Visit: www.hbsslaw.com/investor-fraud/aile Contact the Firm Now: AILE@hbsslaw.com 844-916-0895 Investigation Into iLearningEngines, Inc. (AILE): iLearningEngines, which went public through a SPAC merger in April 2024, is now under investor scrutiny over the propriety of its disclosures of related party transactions and whether its financial statements were prepared in accordance with applicable accounting rules. Hagens Berman, a leading shareholder rights firm, has commenced an investigation after the price of iLearningEngines shares tanked as much as 59% on August 29, 2024, coincident with Hindenburg Research's report entitled "iLearningEngines: An Artificial Intelligence SPAC With Artificial Partners and Artificial Revenue." Hindenburg observed that, contrary to iLearningEngines' "claims to be a fast growing and high margin 'early pioneer in enterprise AI' operating in the corporate and educational learning space[...] We suspect both the company's revenue and expenses are largely fake." Hindenburg concluded that "[n]early all of the company's revenue and expenses (~96% of revenue and ~100% of CoGS in 2022) seem to be run through an undisclosed related party, an unnamed 'Technology Partner[].'" For 2023, Hindenburg estimated that over 92% of revenue and over 96% of CoGS were run through the "Technology Partner". As to iLearningEngines' India subsidiary business, Hindenburg estimates the company has overstated the subsidiary's revenues for its fiscal year ending in March 2023 by over 99%. Hindenburg said it unmasked the identity of "Technology Partner" as Experion Technologies, whose American contact is iLearningEngines' CEO (Harish Chidambaran) and whose American address is also Chidambaran's. Based on this, Hindenburg observed that representations to the SEC and to investors before the SPAC merger that "Technology Partner" was not a related party were lies. "We are looking into whether iLearningEngines may have misled investors about its business prospects and its financial reporting," said Reed Kathrein, the Hagens Berman partner leading the investigation. If you invested in iLearningEngines and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now " If you'd like more information and answers to frequently asked questions about the iLearningEngines investigation, read more " Whistleblowers: Persons with non-public information regarding iLearningEngines should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email AILE@hbsslaw.com. About Hagens Berman Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. Reed Kathrein, 844-916-0895 Market News and Data brought to you by Benzinga APIs