ILearningEngines Launches Chapter 11 Proceedings; Shares Drop

Dow Jones2024-12-23

By Adriano Marchese

ILearningEngines has started bankruptcy proceedings in the U.S. as it looks to restructure the business.

The AI-powered learning and work automation company said Monday that it has voluntarily initiated Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware.

The company is also seeking court approval to continue operating during the proceedings to continue to serve its customer base.

Thomas Olivier has been heading the company since Dec. 5 after Chief Executive Harish Chidambaran, former chief financial officer Sayyed Farhan Naqvi and three other executives were placed on administrative leave.

A special board committee has been overseeing an internal investigation conducted by outside counsel with respect to allegations raised in an Aug. 29 report by short-seller Hindenburg Research.

Shares have fallen 31% in pre-market trading to 61 cents. The stock is down 92% year to date.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

December 23, 2024 08:22 ET (13:22 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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