BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming June 23, 2020 deadline to file a lead plaintiff motion in the class action 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”).
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 firstname.lastname@example.org.
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 $0.53, or more than 20%, over two consecutive trading sessions to close at $1.99 per share on April 21, 2020, on unusually heavy trading volume.
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 during the Class Period, you may move the Court no later than June 23, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you 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 (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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