Jumia is being sued by investors who accuse the online retailer of making “materially false and misleading statements”.
The investors allege the e-commerce giant made misleading claims or omitted information regarding its orders, cancellations and undelivered or returned orders.
The website techcrunch reported that Jumia CEO Sacha Poignonnec responded that Jumia would not be “distracted by those who look to create doubt, to profit at our expense and that of our long-term stakeholders”.
He referred to the claims as “market rumors rather than facts”.
In March, Jumia, whose main customer base is in Africa, was listed on the New York stock exchange.
In 2016, it was valued at $1bn (£800m). The company offers a range of online goods and has branched into food delivery, hotel and flight booking and mobile tariffs.