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Jumia faces a Class Action Lawsuit over IPO

Jumia has been a great success in the African continent, having a more significant fan base across the continent. As a bonus to their success, Jumia successfully launched an IPO on the New York stock exchange a few weeks ago. The IPO started with an opening price between $14.5, seeing a 75% increase on the same day!

However, the company is now facing problems after the stock hit a 25% decrease over Citron Research allegations terming the IPO as a fraud. Read more here.