According to the complaint, Mmobuosi has been the CEO and controlling stockholder of Agri-Fintech Holdings since August 2021. Tingo Group was later formed in 2023, following another merger, and it traded on Nasdaq until it was delisted from the exchange in March this year, the complaint states.
Cheng alleged that from October 2022 through September 2023, the individual defendants made several misleading and false statements and omissions. Cheng said Mmobuosi lied about his background, education, and achievements, including about receiving a Ph.D.
Cheng alleged the company’s financials and projections were inflated and fabricated, including representations to investors that Tingo’s agricultural export business was on track to deliver $1.34 billion in exports by the company’s third quarter of 2023.
The complaint also alleges the company used Photoshop to advertise “nonexistent success,” including “passing pictures from a different point of sale system operator’s website off as its own by photoshopping its own logo over those pictures and Mmobuosi urging customers on social media to fly with an airline business he claimed to have launched.”
