NEW YORK--(BUSINESS WIRE)--Kirby McInerney LLP announced today that a class action lawsuit has been commenced in the United States District Court for the Southern District of California on behalf of investors who acquired Axesstel, Inc. ("Axesstel" or the "Company") (OTC:AXST) securities during the period from February 25, 2013 through March 31, 2014. Investors have until June 23, 2014 to file a motion to be appointed as lead plaintiff in the investor lawsuit.
The lawsuit alleges that defendants issued false and misleading information and/or failed to disclose that, among other things: (a) the Company lacked adequate internal and financial controls; (b) the Company was facing problems that impacted the rollout of Axesstel's new Home Alert product line; (c) certain aspects of sales to two customers in Africa in the first quarter of 2013 were not finalized by the end of the quarter; (d) the Company improperly recognized revenue from the foregoing sales to said customers; and (e) as a result of the aforementioned, the Company's revenue and financial results were overstated, and the progress of the Home Alert rollout was misrepresented.
If you acquired Axesstel securities during this period and you are interested in learning more about this matter and any rights you might have with respect to these claims, contact Jess Kelley or Wilona Karnadi at email@example.com, by telephone at (212) 371-6600, or by filling out this form. Please bear in mind that some of these rights may be time-sensitive.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, whistleblower, antitrust and consumer litigation. The firm has specialized in complex litigation, including securities class actions, for several decades. Kirby McInerney LLP has repeatedly demonstrated its expertise in this field, and has been recognized by various courts that have appointed the firm to major positions in consolidated and multi-district litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars, and the firm’s achievements and quality of service have been chronicled in numerous published decisions. Additional information about the firm or the claims against Axesstel can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.