Pintec Technology Holdings Limited (PT)'s Stock Falls Far Below IPO Price

In October 2018, Pintec Technology Holdings Limited (PT) completed its initial public offering ("IPO"), selling 3.7 American Depository Shares ("ADSs") at $11.88 per share. Then on April 30, 2019, Pintec admitted that it would be unable to file its 2018 annual report on time, which was its first Form 20-F filing since it had gone public. Since then, Pintec shares have traded as low as $2.80 per share, a 76% decline from its IPO price. The investigation focuses on whether Pintec issued false or misleading statements about the company's condition and failed to disclose pertinent information to investors.