LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Akazoo S.A. (“Akazoo” or “the Company”) (NASDAQ: SONG) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Akazoo is the subject of a research report by Quintessential Capital published on April 20, 2020. The report describes the Company as a "castle of cards" because many aspects of its business, including users, revenues, and profits may be “profoundly overstated.” Quintessential Capital concluded, “We believe Akazoo is a scheme orchestrated by management to profit while egregiously deceiving investors.” Based on this news, shares of Akazoo plunged by more than 17% on the same day.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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