BOSTON, June 23, 2017 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, announces that a class action lawsuit has been filed against Axiom Holdings, Inc. ("Axiom" or the "Company") (OTCQB: AIOM) and certain of its officers and directors for violations of the federal securities laws.
Investors who purchased or otherwise acquired Axiom securities between October 14, 2016 and June 19, 2017 (the "Class Period") must move the Court no later than August 21, 2017 to serve as lead plaintiff in this action.
If you wish to become involved in the litigation or have questions about your legal rights, please contact attorney Bradley Vettraino at (617) 398-5600, by email at email@example.com, or by visiting www.blockesq.com/axiom.
On June 19, 2017, Axiom disclosed that it had received a subpoena from the Securities and Exchange Commission ("SEC") apparently regarding the propriety of the Company's December 2016 share exchange with CJC Holdings, Ltd., ("CJC") under which Axiom acquired all of CJC's outstanding shares. Specifically, Axiom disclosed the purported CEO of CJC, who signed the share exchange agreement in December 2016, had actually resigned from that role a month earlier.
On this news, Axiom's stock fell nearly 22%, causing millions in losses to shareholders.
According to the Complaint, throughout the Class Period, Axiom Holdings made false and misleading statements and/or failed to disclose that the Company lacked control over the merger process sufficient to ensure that the share exchange agreement with CJC would be completed; that the agreement with CJC was never completed; that Axiom Holdings' issuance of shares to the CJC Shareholders was thus improper; and as a result, the Company's public statements were materially false and misleading at all relevant times.
As a member of the class, you may seek to file a motion to serve as a lead plaintiff by August 21, 2017, or take no action and remain an absent class member. Confidentiality to whistleblowers or others with information relevant to this investigation is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
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Block & Leviton LLP
Bradley J. Vettraino
155 Federal Street, Suite 400
Boston, MA 02110
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SOURCE Block & Leviton LLP