NEW YORK, April 25, 2014 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities law firm, announces that a class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of a class (the "Class") comprising all purchasers of Axesstel securities between February 25, 2013 and March 31, 2014, inclusive (the "Class Period").
Please contact Tripp Levy PLLC, toll-free at (877) 772-3975, via email at firstname.lastname@example.org or visit our website www.tripplevy.com to discuss this matter. When inquiring, please include your email address and number of shares purchased.
Axesstel provides wireless voice, broadband access and connected home solutions for the telecommunications market worldwide. The Complaint alleges that throughout the Class Period defendants issued false and misleading statements or failed to disclose that: (1) the Company was facing issues that were negatively impacting the rollout of Axesstel's new Home Alert product line; (2) certain aspects of sales to two customers in Africa in the first quarter of 2013, including payment terms and market allowances, were not finalized by the end of the quarter; (3) the Company improperly recognized revenue from the foregoing sales to the two customers in Africa, in violation of the Company's stated revenue recognition policy; (4) as a result, the Company's revenue and financial results were overstated, and the Company misrepresented the progress of the rollout of the new Home Alert product line, as well as the true demand for the new product line; (5) the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (6) the Company lacked adequate internal and financial controls; and (7) as a result of the foregoing, the Company's financial statements and other statements about Axesstel's business, operations, and prospects were materially false and misleading at all relevant times and/or lacked a reasonable basis.
If you wish to learn more about this action, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us at the above information.
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