NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Axiom Holdings, Inc. (OTC:AIOM) securities between October 14, 2016 and June 19, 2017 (the “Class Period”). Investors have until August 21, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On June 19, 2017, Axiom Holdings announced the existence of issues relating to the propriety of Axiom’s December 2016 share exchange with CJC Holdings, Ltd., disclosing that the purported CEO of CJC Holdings, who signed the share exchange agreement in December 2016, had actually resigned from that role the prior month.
Following this news, shares of Axiom fell $0.44 per share, or nearly 38%, over a two-day period to close at $0.72 on June 20, 2017. On June 20, 2017, the U.S. Securities and Exchange Commission announced a temporary suspension of trading of Axiom securities beginning on June 21, 2017 until July 5, 2017.
The Complaint alleges that throughout the Class Period, the Company made false and/or misleading statements and/or failed to disclose that: (i) Axiom lacked control over the merger process sufficient to ensure that the Agreement with CJC would be completed; (ii) accordingly, the Agreement with CJC was never completed; (iii) the Company’s issuance of shares to the CJC Shareholders was thus improper; and (iv) as a result of the foregoing, Axiom’s public statements were materially false and misleading at all relevant times.
If you purchased or otherwise acquired Axiom securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Axiom lawsuit, please go to http://www.bespc.com/axiom. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.