NEW YORK, April 29, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York announces 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").
All investors who purchased shares of Akazoo S.A. and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Akazoo S.A. you may, no later than June 23, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Akazoo S.A.
The filed complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose:
- that Akazoo overstated its revenue, profits, and cash holdings;
- that Akazoo holds significantly lesser music distribution rights than it has stated and implied;
- that as opposed to Akazoo's continued statements, it does not operate in 25 countries;
- that Akazoo has a significantly smaller user base than it states;
- that Akazoo has closed its headquarters and other offices around the world; and
- as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
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.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
SOURCE Wolf Haldenstein Adler Freeman & Herz LLP