While the Berlin-based company Jumia Technologies AG is taking measures to cut out instances of wrongdong, the findings backed up warnings made by short-sellers Citron in a report three months ago, which brought an abrupt end to a share-price rally following Jumia’s initial public offering in New York the previous month.
J-Force allows the company to interact directly with customers but “requires constant improvement,” Jumia co-founder and Chief Executive Officer Sacha Poignonnec said in a conference call. The report of dubious sales practices comes after Citron called Jumia “an obvious fraud,” wiping out early gains from the IPO. The stock shed another 14% to $12.73 as of 12:39 p.m. in New York, dropping below the $14.50 listing price.
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