LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Akazoo S.A. (“Akazoo” or “the Company”) (NASDAQ: SONG) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between September 11, 2019 and April 20, 2020, inclusive (the ''Class Period''), are encouraged to contact the firm before June 23, 2020.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at email@example.com.
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.
According to the Complaint, the Company made false and misleading statements to the market. Akazoo overstated important financial measures including revenue, profits, and cash holdings. The Company overstated the amount of music it held distribution rights for by a significant degree. It also has a much smaller userbase than it purports to have. The Company does not operate in 25 companies despite its continuing claims to do so, and has closed its headquarters and various other offices. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Akazoo, investors suffered damages.
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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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