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The company also publicized sham expansion projects, Cheng said, such as leading investors to believe it was breaking ground on a $1.6 billion food processing plant and that it was making "significant progress" on the facility's construction "even though the purported progress in reality consisted of six cinderblocks and a plaque." Additionally, Cheng said Tingo did not have relationships with two farming cooperatives it claimed to have and that the company lacked effective controls over accounting and financial reporting. The truth about Tingo started coming to light in June 2023, the complaint states, when investment research firm Hindenburg Research published a report titled "Tingo Group: Fake Farmers, Phones, and Financials — The Nigerian Empire That Isn't." The report revealed, among other things, the company was an "exceptionally obvious scam with fabricated financials" and had made continuous, false representations about its business, operations, and prospects. A second report, titled "Tingo Forges Ahead With Its Brazen Scam as $725 Million in Claimed Cash Disappears From its Balance Sheet in One Quarter," was published last August, and in December, the SEC launched its suit against the company alleging Mmobuosi had engaged in a multiyear scheme to inflate the financial performance metrics of Tingo and its entities to defraud investors worldwide. According to Cheng, shortly after filing its complaint, the SEC obtained a temporary asset freeze, restraining order, and other emergency relief against the company, which was in place until March 15 of this year. The DOJ also announced in January it had indicted Mmobuosi on charges of securities fraud, conspiracy, and falsifying SEC reports. Cheng said the defendants' alleged misconduct has significantly harmed the company and investors since Tingo's stock price has plummeted roughly 56% since last year. On Friday, Tingo's stock was trading around $0.42. The suit seeks damages, attorney fees, and a jury trial. Cheng's complaint follows another stockholder action filed in March in Delaware Chancery Court over Tingo's alleged refusal to voluntarily release documents related to the business and Mmobuosi. Representatives for the parties did not respond to requests for comment on Friday. Cheng is represented by Melissa A. Fortunato and Badge Humphries of Bragar Eagel & Squire PC. Counsel information for the defendants was not available Friday.