INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Akazoo S.A. (SONG) Investors

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Akazoo S.A. ("Akazoo" or the Company") (NASDAQ: SONG) securities between September 11, 2019 and April 20, 2020, inclusive (the “Class Period”). Akazoo investors have until June 23, 2020 to file a lead plaintiff motion.

Investors suffering losses on their Akazoo investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [e-mail].

On April 20, 2020, Quintessential Capital gave a presentation regarding Akazoo, stating that the Company looks like an accounting scheme because its users, subscribers, revenue and profit may be "profoundly overstated."

On this news, Akazoo's share price fell as much as $0.71, or over 26%, during intraday trading on April 20, 2020.

The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose: (1) that Akazoo overstated its revenue, profits, and cash holdings; (2) that Akazoo holds significantly lesser music distribution rights than it has stated and implied; (3) that as opposed to Akazoo’s continued statements, it does not operate in 25 countries; (4) that Akazoo has a significantly smaller user base than it states; (5) that Akazoo has closed its headquarters and other offices around the world; and (6) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

If you purchased Akazoo securities, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at [phone], toll-free at [phone], or by email to [e-mail], or visit our website at www.howardsmithlaw.com.

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