Preview
FILED: NEW YORK COUNTY CLERK 01/22/2020 11:13 PM INDEX NO. 656021/2019
NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 01/22/2020
Exhibit 5
FILED:
FILED : NEW
KINGS YORK COUNTY
COUNTY CLERK
CLERK 01/22/2020
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SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF KINGS
MICHAEL WEINBERGER, Individually on
Index No.
Behalf of All Others Similarly Situated,
Plaintiff
SUMMONS
v.
JURY TRIAL DEMANDED
JUMIA TECHNOLOGIES AG, JEREMY
HODARA, SACHA POIGNONNEC,
ANTOINE MAILLET-MEZERAY,
MORGAN STANLEY & CO. LLC,
CITIGROUP GLOBAL MARKETS INC.,
BERENBERG CAPITAL MARKETS, LLC,
RBC CAPITAL MARKETS, LLC, STIFEL,
NICOLAUS & COMPANY,
INCORPORATED, RAYMOND JAMES &
ASSOCIATES, INC., and WILLIAM
BLAIR & COMPANY, L.L.C.,
Defendants.
TO THE ABOVE-NAMED DEFENDANTS:
You are hereby summoned and required to serve upon Plaintiff's attorneys an answer to
the Complaint in this action within twenty (20) days after the service of this Summons, exclusive
of the day of service, or within thirty (30) days after service is complete if this summons is not
personally delivered to you within the State of New York. In the event of your failure to answer
or appear, judgment will be taken against you by default for the relief demanded in the complaint.
The basis of the venue designated is Kings County because: (i) Defendant Jumia
Technologies AG's ("Jumia") business has a substantial effect in this County; (ii) a substantial
portion of the transaction and wrongs complained of occurred in this County or had an effect in
this County; (iii) Defendants disseminated statements alleged to be false and misleading into this
County; (iv) Defendants solicited purchasers of Jumia securities in this County; and (v) the Deposit
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Agreement provides that Jumia agrees to be sued in a "state or federal court in New York, New
York,"
which includes the Court in this County.
Dated: August 16, 2019 THE BROWN LAW FIRM, P.C.
New York, New York
By: /s/ Timothy Brown
Timothy Brown
Saadia Hashmi
240 Townsend Square
Oyster Bay, New York 11771
Tel: (516) 922-5427
Fax: (516) 344-6204
Email: tbrown@thebrownlawfirm.net
Counsel for Plaintiff
TO:
JUMIA TECHNOLOGIES AG
Charlottenstrasse 4
Berlin, Germany 10969
JEREMY HODARA
Charlottenstrasse 4
Berlin, Germany 10969
SACHA POIGNONNEC
Charlottenstrasse 4
Berlin, Germany 10969
ANTO1NE MAILLET-MEZERAY
Charlottenstrasse 4
Berlin, Germany 10969
MORGAN STANLEY & CO. LLC
c/o C T Corporation System
28 Liberty St.
New York, New York, 10005
CITIGROUP GLOBAL MARKETS INC.
388 Greenwich Street
New York, New York 10013
2
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BERENBERG CAPITAL MARKETS, LLC
41St
712 Fifth Avenue, Floor
New York, New York, 10019
RBC CAPITAL MARKETS, LLC
200 Vesey Street, 9thFlOOr
New York, NY 10281
STIFEL, NICOLAUS & COMPANY, INCORPORATED
c/o C T Corporation System
28 Liberty St.
New York, New York, 10005
RAYMOND JAMES & ASSOCIATES, INC.
630 Fifth Avenue
45 Rock, Suite 2950A
New York, NY 10111
WILLIAM BLAIR & COMPANY, L.L.C.
c/o C T Corporation System
28 Liberty St.
New York, New York, 10005
3
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THE BROWN LAW FIRM, P.C.
Timothy Brown
Saadia Hashmi
240 Townsend Square
Oyster Bay, New York 11771
Tel: (516) 922-5427
Fax: (516) 344-6204
Email: tbrown@thebrownlawfirm.net
Counsel for Plaintiff
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF KINGS
MICHAEL WEINBERGER, Individually on
Index No.
Behalf of All Others Similarly Situated,
Plaintiff
CLASS ACTION COMPLAINT FOR
VIOLATIONS OF THE SECURITIES
ACT OF 1933
JUMIA TECHNOLOGIES AG, JEREMY
HODARA, SACHA POIGNONNEC
JURY TRIAL DEMANDED
ANTOINE MAILLET-MEZERAY,
MORGAN STANLEY & CO. LLC,
CITIGROUP GLOBAL MARKETS INC.,
BERENBERG CAPITAL MARKETS, LLC,
RBC CAPITAL MARKETS, LLC, STIFEL,
NICOLAUS & COMPANY,
INCORPORATED, RAYMOND JAMES &
ASSOCIATES, INC., and WILLIAM
BLAIR & COMPANY, L.L.C.,
Defendants.
Plaintiff Michael Weinberger ("Plaintiff'), by Plaintiff's undersigned attorneys,
individually and on behalf of all other persons similarly situated, alleges the following based upon
personal knowledge as to Plaintiff's own acts, and information and belief as to all other matters,
based upon, inter alia, the investigation conducted by and through Plaintiff's attorneys, which
Defendants'
included, among other things, a review of public documents, conference calls and
announcements made by Defendants, United States Securities and Exchange Commission
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("SEC") filings, wire and press releases published by and regarding Jumia Technologies AG
("Jumia" analysts'
or the "Company"), reports and advisories about the Company, and
information readily obtainable on the Internet. Plaintiff believes that substantial evidentiary
support will exist for the allegations set forth herein after a reasonable opportunity for discovery.
NATURE OF THE ACTION
1. This is a securities class action brought on behalf of a class consisting of all persons
and entities, other than Defendants (defined below) and their affiliates, who purchased or otherwise
acquired publicly traded securities of Jumia pursuant and/or traceable to the Company's initial
public offering held on or around April 2019 (the "IPO"), seeking to recover compensable damages
Defendants'
caused by violations of Sections 11, 12 and 15 of the Securities Act of 1933
("Securities Act").
2. The IPO was conducted pursuant to a registration statement filed on Form F-1 with
the SEC in connection with the IPO. The registration statement was first filed on March 12, 2019
and subsequently amended several times, with the final amended registration statement filed on
Form F-1/A on April 10, 2019. On April 10, 2019, the SEC declared the registration statement
effective.
3. On April 15, 2019, Jumia filed a prospectus with the SEC (the "Prospectus") for
the IPO (collectively, the Prospectus and effective registration statement are referred to as the
"Registration Statement."). The Prospectus offered to sell to the public 15.525 million American
underwriters'
Depository Shares ("ADSs"), which included the option to purchase an additional
2.025 million ADSs, at $14.50 per ADS.
4. The Registration Statement made materially false or misleading statements that: (1)
Jumia had materially overstated its active customers and active merchants; (2) Jumia's
2
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representations about its orders, order cancellations, undelivered orders and returned orders lacked
a sufficient factual basis and materially overstated the Company's sales; (3) Jumia failed to
sufficiently disclose related party transactions; (4) Jumia's financial statements were presented in
Defendants'
violation of applicable accounting standards; and (5) as a result, statements about
Jumia's business, operations, and prospects were materially false and misleading at all relevant
times.
5. Jumia sold 13,500,000 ADSs at $14.50 per ADS, raising $195,750,000 and the
Underwriter Defendants (defined below) exercised their option to purchase an additional
2,025,000 ADSs.
6. Since the IPO, and as a result of the disclosure of material adverse facts omitted
from Jumia's Registration Statement, Jumia's stock price has fallen substantially below its IPO
price, damaging Plaintiff and Class members.
JURISDICTION AND VENUE
7. The claims alleged herein arise under and pursuant to Sections 11, 12(a)(2) and 15
of the Securities Act, 15 U.S.C. §§77k, 771(a)(2) and 77o.
8. This Court has jurisdiction over the subject matter of this action pursuant to 28
U.S.C. §1331, Section 22 of the Securities Act. This case may not be removed to federal court.
9. Defendants have sufficient contacts with New York, or otherwise purposefully
avail themselves of benefits from New York or have property in New York so as to render the
exercise of jurisdiction over each by New York courts consistent with traditional notions of fair
play and substantial justice.
10. Venue is proper in this County because Defendants disseminated the statements
alleged to be false and misleading herein into this County, Defendants solicited purchasers of
3
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Jumia ADSs in this County, Defendants consented to jurisdiction in this County by virtue of the
Deposit Agreement which provides that Jumia "submits to the jurisdiction of any state or federal
instituted"
court in the State of New York in which any Proceeding may be which includes this
County, and a substantial portion of the transaction and wrongs complained of, including
Defendants'
participation in the wrongful acts, occurred in this State.
PARTIES
11. Plaintiff acquired Jumia securities at artificially inflated prices pursuant and/or
traceable to the Company's IPO and was economically damaged thereby.
12. Defendant Jumia operates a pan-African e-commerce platform which consists of:
(i) a marketplace that connects sellers with consumers; (ii) a package shipment and delivery
service; and (iii) a payment service. Jumia's principal executive offices are located in Berlin,
"JMIA."
Germany and its ADSs trade on the New York Stock Exchange ("NYSE") under the ticker
13. Defendant Hodara at all Co-
Jeremy ("Hodara") is, and was relevant times, Jumia's
Founder and Co-Chief Executive Officer. Defendant Hodara signed the Registration Statement.
14. Defendant Sacha Poignonnec ("Poignonnec") is, and was at all relevant times,
Jumia's Co-Found and Co-Chief Executive Officer. Defendant Poignonnec signed the Registration
Statement.
15. Defendant Antoine Maillet-Mezeray ("Maillet-Mezeray") is, and was at all relevant
Jumia's Chief Financial Officer and Principal Officer. Defendant Maillet-
times, Accounting
Mezeray signed the Registration Statement.
16. Defendants Hodara, Poignonnec, and Maillet-Mezeray are collectively referred to
Defendants."
herein as the "Individual
4
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17. Defendant Morgan Stanley & Co. LLC ("Morgan Stanley") was an underwriter of
the Company's IPO and assisted in the preparation and dissemination of Jumia's false and
misleading Registration Statement. Defendant Morgan Stanley conducts substantial business in
New York and maintains offices there.
18. Defendant Citigroup Global Markets Inc. ("Citigroup") was an underwriter of the
Company's IPO and assisted in the preparation and dissemination of Jumia's false and misleading
Registration Statement. Defendant Citigroup conducts substantial business in New York and
maintains offices there.
19. Defendant Berenberg Capital Markets, LLC ("Berenberg") was an underwriter of
the Company's IPO and assisted in the preparation and dissemination of Jumia's false and
misleading Registration Statement. Defendant Berenberg conducts substantin1 business in New
York and maintains offices there.
20. Defendant RBC Capital Markets, LLC ("RBC Capital") was an underwriter of the
Company's IPO and assisted in the preparation and dissemination of Jumia's false and misleading
Registration Statement. Defendant RBC Capital conducts substantial business in New York and
maintains offices there.
21. Defendant Stifel, Nicolaus & Company, Incorporated ("Stifel") was an underwriter
of the Company's IPO and assisted in the preparation and dissemination of Jumia's false and
misleading Registration Statement. Defendant Stifel conducts substantial business in New York
and maintains offices there.
22. Defendant Raymond James & Associates, Inc. ("Raymond James") was an
underwriter of the Company's IPO and assisted in the preparation and dissemination of Jumia's
5
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false and misleading Registration Statement. Defendant Raymond James conducts substantial
business in New York and maintains offices there.
Preview
FILED: NEW YORK COUNTY CLERK 01/22/2020 11:13 PM INDEX NO. 656021/2019 NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 01/22/2020 Exhibit 5 FILED: FILED : NEW KINGS YORK COUNTY COUNTY CLERK CLERK 01/22/2020 08 /16 /2 019 12 : 11:13 0 8 PM| PM INDEX INDEX NO. NO. 656021/2019 518182/2019 NYSCEF NYSCEF DOC. DOC. NO. NO. 27 1 RECEIVED RECEIVED NYSCEF: NYSCEF: 01/22/2020 08/16/2019 SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF KINGS MICHAEL WEINBERGER, Individually on Index No. Behalf of All Others Similarly Situated, Plaintiff SUMMONS v. JURY TRIAL DEMANDED JUMIA TECHNOLOGIES AG, JEREMY HODARA, SACHA POIGNONNEC, ANTOINE MAILLET-MEZERAY, MORGAN STANLEY & CO. LLC, CITIGROUP GLOBAL MARKETS INC., BERENBERG CAPITAL MARKETS, LLC, RBC CAPITAL MARKETS, LLC, STIFEL, NICOLAUS & COMPANY, INCORPORATED, RAYMOND JAMES & ASSOCIATES, INC., and WILLIAM BLAIR & COMPANY, L.L.C., Defendants. TO THE ABOVE-NAMED DEFENDANTS: You are hereby summoned and required to serve upon Plaintiff's attorneys an answer to the Complaint in this action within twenty (20) days after the service of this Summons, exclusive of the day of service, or within thirty (30) days after service is complete if this summons is not personally delivered to you within the State of New York. In the event of your failure to answer or appear, judgment will be taken against you by default for the relief demanded in the complaint. The basis of the venue designated is Kings County because: (i) Defendant Jumia Technologies AG's ("Jumia") business has a substantial effect in this County; (ii) a substantial portion of the transaction and wrongs complained of occurred in this County or had an effect in this County; (iii) Defendants disseminated statements alleged to be false and misleading into this County; (iv) Defendants solicited purchasers of Jumia securities in this County; and (v) the Deposit 1 of 23 FILED: FILED : NEW KINGS YORK COUNTY COUNTY CLERK CLERK 01/22/2020 08 /16 /2 019 12 : 11:13 0 8 PM| PM INDEX INDEX NO. NO. 656021/2019 518182/2019 NYSCEF NYSCEF DOC. DOC. NO. NO. 27 1 RECEIVED RECEIVED NYSCEF: NYSCEF: 01/22/2020 08/16/2019 Agreement provides that Jumia agrees to be sued in a "state or federal court in New York, New York," which includes the Court in this County. Dated: August 16, 2019 THE BROWN LAW FIRM, P.C. New York, New York By: /s/ Timothy Brown Timothy Brown Saadia Hashmi 240 Townsend Square Oyster Bay, New York 11771 Tel: (516) 922-5427 Fax: (516) 344-6204 Email: tbrown@thebrownlawfirm.net Counsel for Plaintiff TO: JUMIA TECHNOLOGIES AG Charlottenstrasse 4 Berlin, Germany 10969 JEREMY HODARA Charlottenstrasse 4 Berlin, Germany 10969 SACHA POIGNONNEC Charlottenstrasse 4 Berlin, Germany 10969 ANTO1NE MAILLET-MEZERAY Charlottenstrasse 4 Berlin, Germany 10969 MORGAN STANLEY & CO. LLC c/o C T Corporation System 28 Liberty St. New York, New York, 10005 CITIGROUP GLOBAL MARKETS INC. 388 Greenwich Street New York, New York 10013 2 2 of 23 FILED: NEW [FILED:KINGS YORK COUNTY COUNTY CLERK CLERK 01/22/2020 08/1672019 12 : 11:13 08 PM1 PM INDEX INDEX NO. NO. 656021/2019 518182/2019 NYSCEF NYSCEF DOC. DOC. NO. NO. 27 1 RECEIVED RECEIVED NYSCEF: NYSCEF: 01/22/2020 08/16/2019 BERENBERG CAPITAL MARKETS, LLC 41St 712 Fifth Avenue, Floor New York, New York, 10019 RBC CAPITAL MARKETS, LLC 200 Vesey Street, 9thFlOOr New York, NY 10281 STIFEL, NICOLAUS & COMPANY, INCORPORATED c/o C T Corporation System 28 Liberty St. New York, New York, 10005 RAYMOND JAMES & ASSOCIATES, INC. 630 Fifth Avenue 45 Rock, Suite 2950A New York, NY 10111 WILLIAM BLAIR & COMPANY, L.L.C. c/o C T Corporation System 28 Liberty St. New York, New York, 10005 3 3 of 23 FILED: FILED : NEW KINGS YORK COUNTY COUNTY CLERK CLERK 01/22/2020 08 /16 /2 019 12 : 11:13 0 8 PM| PM INDEX INDEX NO. NO. 656021/2019 518182/2019 NYSCEF NYSCEF DOC. DOC. NO. NO. 27 1 RECEIVED RECEIVED NYSCEF: NYSCEF: 01/22/2020 08/16/2019 THE BROWN LAW FIRM, P.C. Timothy Brown Saadia Hashmi 240 Townsend Square Oyster Bay, New York 11771 Tel: (516) 922-5427 Fax: (516) 344-6204 Email: tbrown@thebrownlawfirm.net Counsel for Plaintiff SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF KINGS MICHAEL WEINBERGER, Individually on Index No. Behalf of All Others Similarly Situated, Plaintiff CLASS ACTION COMPLAINT FOR VIOLATIONS OF THE SECURITIES ACT OF 1933 JUMIA TECHNOLOGIES AG, JEREMY HODARA, SACHA POIGNONNEC JURY TRIAL DEMANDED ANTOINE MAILLET-MEZERAY, MORGAN STANLEY & CO. LLC, CITIGROUP GLOBAL MARKETS INC., BERENBERG CAPITAL MARKETS, LLC, RBC CAPITAL MARKETS, LLC, STIFEL, NICOLAUS & COMPANY, INCORPORATED, RAYMOND JAMES & ASSOCIATES, INC., and WILLIAM BLAIR & COMPANY, L.L.C., Defendants. Plaintiff Michael Weinberger ("Plaintiff'), by Plaintiff's undersigned attorneys, individually and on behalf of all other persons similarly situated, alleges the following based upon personal knowledge as to Plaintiff's own acts, and information and belief as to all other matters, based upon, inter alia, the investigation conducted by and through Plaintiff's attorneys, which Defendants' included, among other things, a review of public documents, conference calls and announcements made by Defendants, United States Securities and Exchange Commission 4 of 23 FILED: F ILED : NEW KINGS YORK COUNTY COUNTY CLERK CLERK 01/22/2020 0 8 /16 /2 019 12 : 11:13 0 8 PM1 PM INDEX INDEX NO. NO. 656021/2019 518182/2019 NYSCEF NYSCEF DOC. DOC. NO. NO. 27 1 RECEIVED RECEIVED NYSCEF: NYSCEF: 01/22/2020 08/16/2019 ("SEC") filings, wire and press releases published by and regarding Jumia Technologies AG ("Jumia" analysts' or the "Company"), reports and advisories about the Company, and information readily obtainable on the Internet. Plaintiff believes that substantial evidentiary support will exist for the allegations set forth herein after a reasonable opportunity for discovery. NATURE OF THE ACTION 1. This is a securities class action brought on behalf of a class consisting of all persons and entities, other than Defendants (defined below) and their affiliates, who purchased or otherwise acquired publicly traded securities of Jumia pursuant and/or traceable to the Company's initial public offering held on or around April 2019 (the "IPO"), seeking to recover compensable damages Defendants' caused by violations of Sections 11, 12 and 15 of the Securities Act of 1933 ("Securities Act"). 2. The IPO was conducted pursuant to a registration statement filed on Form F-1 with the SEC in connection with the IPO. The registration statement was first filed on March 12, 2019 and subsequently amended several times, with the final amended registration statement filed on Form F-1/A on April 10, 2019. On April 10, 2019, the SEC declared the registration statement effective. 3. On April 15, 2019, Jumia filed a prospectus with the SEC (the "Prospectus") for the IPO (collectively, the Prospectus and effective registration statement are referred to as the "Registration Statement."). The Prospectus offered to sell to the public 15.525 million American underwriters' Depository Shares ("ADSs"), which included the option to purchase an additional 2.025 million ADSs, at $14.50 per ADS. 4. The Registration Statement made materially false or misleading statements that: (1) Jumia had materially overstated its active customers and active merchants; (2) Jumia's 2 5 of 23 FILED: FILED : NEW KINGS YORK COUNTY COUNTY CLERK CLERK 01/22/2020 08 /16 /2 019 12 : 11:13 08 PM1 PM INDEX INDEX NO. NO. 656021/2019 518182/2019 NYSCEF NYSCEF DOC. DOC. NO. NO. 27 1 RECEIVED RECEIVED NYSCEF: NYSCEF: 01/22/2020 08/16/2019 representations about its orders, order cancellations, undelivered orders and returned orders lacked a sufficient factual basis and materially overstated the Company's sales; (3) Jumia failed to sufficiently disclose related party transactions; (4) Jumia's financial statements were presented in Defendants' violation of applicable accounting standards; and (5) as a result, statements about Jumia's business, operations, and prospects were materially false and misleading at all relevant times. 5. Jumia sold 13,500,000 ADSs at $14.50 per ADS, raising $195,750,000 and the Underwriter Defendants (defined below) exercised their option to purchase an additional 2,025,000 ADSs. 6. Since the IPO, and as a result of the disclosure of material adverse facts omitted from Jumia's Registration Statement, Jumia's stock price has fallen substantially below its IPO price, damaging Plaintiff and Class members. JURISDICTION AND VENUE 7. The claims alleged herein arise under and pursuant to Sections 11, 12(a)(2) and 15 of the Securities Act, 15 U.S.C. §§77k, 771(a)(2) and 77o. 8. This Court has jurisdiction over the subject matter of this action pursuant to 28 U.S.C. §1331, Section 22 of the Securities Act. This case may not be removed to federal court. 9. Defendants have sufficient contacts with New York, or otherwise purposefully avail themselves of benefits from New York or have property in New York so as to render the exercise of jurisdiction over each by New York courts consistent with traditional notions of fair play and substantial justice. 10. Venue is proper in this County because Defendants disseminated the statements alleged to be false and misleading herein into this County, Defendants solicited purchasers of 3 6 of 23 FILED: FILED : NEW KINGS YORK COUNTY COUNTY CLERK CLERK 01/22/2020 08 /16 /2 019 12 : 11:13 0 8 PM| PM INDEX INDEX NO. NO. 656021/2019 518182/2019 NYSCEF NYSCEF DOC. DOC. NO. NO. 27 1 RECEIVED RECEIVED NYSCEF: NYSCEF: 01/22/2020 08/16/2019 Jumia ADSs in this County, Defendants consented to jurisdiction in this County by virtue of the Deposit Agreement which provides that Jumia "submits to the jurisdiction of any state or federal instituted" court in the State of New York in which any Proceeding may be which includes this County, and a substantial portion of the transaction and wrongs complained of, including Defendants' participation in the wrongful acts, occurred in this State. PARTIES 11. Plaintiff acquired Jumia securities at artificially inflated prices pursuant and/or traceable to the Company's IPO and was economically damaged thereby. 12. Defendant Jumia operates a pan-African e-commerce platform which consists of: (i) a marketplace that connects sellers with consumers; (ii) a package shipment and delivery service; and (iii) a payment service. Jumia's principal executive offices are located in Berlin, "JMIA." Germany and its ADSs trade on the New York Stock Exchange ("NYSE") under the ticker 13. Defendant Hodara at all Co- Jeremy ("Hodara") is, and was relevant times, Jumia's Founder and Co-Chief Executive Officer. Defendant Hodara signed the Registration Statement. 14. Defendant Sacha Poignonnec ("Poignonnec") is, and was at all relevant times, Jumia's Co-Found and Co-Chief Executive Officer. Defendant Poignonnec signed the Registration Statement. 15. Defendant Antoine Maillet-Mezeray ("Maillet-Mezeray") is, and was at all relevant Jumia's Chief Financial Officer and Principal Officer. Defendant Maillet- times, Accounting Mezeray signed the Registration Statement. 16. Defendants Hodara, Poignonnec, and Maillet-Mezeray are collectively referred to Defendants." herein as the "Individual 4 7 of 23 FILED: FILED : NEW KINGS YORK COUNTY COUNTY CLERK CLERK 01/22/2020 08 /16 /2 019 12 : 11:13 0 8 PM1 PM INDEX INDEX NO. NO. 656021/2019 518182/2019 NYSCEF NYSCEF DOC. DOC. NO. NO. 27 1 RECEIVED RECEIVED NYSCEF: NYSCEF: 01/22/2020 08/16/2019 17. Defendant Morgan Stanley & Co. LLC ("Morgan Stanley") was an underwriter of the Company's IPO and assisted in the preparation and dissemination of Jumia's false and misleading Registration Statement. Defendant Morgan Stanley conducts substantial business in New York and maintains offices there. 18. Defendant Citigroup Global Markets Inc. ("Citigroup") was an underwriter of the Company's IPO and assisted in the preparation and dissemination of Jumia's false and misleading Registration Statement. Defendant Citigroup conducts substantial business in New York and maintains offices there. 19. Defendant Berenberg Capital Markets, LLC ("Berenberg") was an underwriter of the Company's IPO and assisted in the preparation and dissemination of Jumia's false and misleading Registration Statement. Defendant Berenberg conducts substantin1 business in New York and maintains offices there. 20. Defendant RBC Capital Markets, LLC ("RBC Capital") was an underwriter of the Company's IPO and assisted in the preparation and dissemination of Jumia's false and misleading Registration Statement. Defendant RBC Capital conducts substantial business in New York and maintains offices there. 21. Defendant Stifel, Nicolaus & Company, Incorporated ("Stifel") was an underwriter of the Company's IPO and assisted in the preparation and dissemination of Jumia's false and misleading Registration Statement. Defendant Stifel conducts substantial business in New York and maintains offices there. 22. Defendant Raymond James & Associates, Inc. ("Raymond James") was an underwriter of the Company's IPO and assisted in the preparation and dissemination of Jumia's 5 8 of 23 FILED: FILED : NEW KINGS YORK COUNTY COUNTY CLERK CLERK 01/22/2020 08 /16 /2 019 12 : 11:13 0 8 PM1 PM INDEX INDEX NO. NO. 656021/2019 518182/2019 NYSCEF NYSCEF DOC. DOC. NO. NO. 27 1 RECEIVED RECEIVED NYSCEF: NYSCEF: 01/22/2020 08/16/2019 false and misleading Registration Statement. Defendant Raymond James conducts substantial business in New York and maintains offices there.