Jumia Co-CEO Jeremy Hodara. Photo credit: Stephen McCarthy/Web Summit via Sportsfile, under Creative Commons license

Jumia, Africa’s e-commerce leader, has said that it’ll pay $5 million to settle lawsuits brought against the company by stakeholders who accused it of making misstatements and omissions concerning its finances in moments leading up to the company’s last year public listing. Jumia is making the settlement payment but wouldn’t admit to any liability or wrongdoing under its terms. Out of the $5 million settlement amount, $1 million will be funded by insurance coverage.

Jumia made the settlement announcement at the same time it announced its financial results for the second quarter of this year. The company recorded €35 million ($41 million) in revenues and operating losses of nearly €38 million ($45 million) for the quarter. Revenue for the quarter was down about 9% year-over-year.