iLearningEngines announces further response to short-seller report

iLearningEngines announced that the company’s board has formed a special committee consisting of independent directors to investigate allegations raised recently by a short-seller report. The special committee has engaged legal counsel from Paul Hastings LLP to conduct an independent investigation. The company said, “Although the Company’s independent auditors conduct periodic audits in accordance with PCAOB standards and have issued clean audit opinions with respect to their past audits, the Special Committee believes that conducting its own independent investigation into these issues is in the best interest of shareholders. The Special Committee is committed to conducting a prompt, expeditious, and thorough independent investigation, but it is unable to predict the duration or outcome of its investigation. The Company will provide further information from the Special Committee’s investigation at the appropriate time.” “The ILE team is proud of the AI platform that we’ve built. The company I founded has real products, contracts, and revenue,” said ILE CEO Harish Chidambaran, adding, “I would like to re-iterate my firm belief that the short-seller report put out last week contains misleading statements, speculations and innuendos, and I look forward to addressing the short-seller’s allegations as the Special Committee progresses in its investigation. In the meantime, we remain focused on executing our business plan and will not be distracted by typical short seller tactics.”