Akazoo S.A. (SONG)


Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Akazoo S.A. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Akazoo S.A. (“Akazoo” or the “Company”) (NASDAQ:SONG) of the June 23, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Akazoo stock or options between September 11, 2019 and April 20, 2020 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Akazoo securities between September 11, 2019 and April 20, 2020 (the “Class Period”).  The case, Soe v. Akazoo S.A. et al, Docket 20-cv-01900 was filed on April 24, 2020, and has been assigned to Judge Brian M. Cogan.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Akazoo overstated its revenue, profits, and cash holdings; (2) Akazoo holds significantly lesser music distribution rights than it has stated and implied; (3) as opposed to Akazoo’s continued statements, it does not operate in 25 countries; (4) Akazoo has a significantly smaller user base than it states; (5) 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.

Specifically, on April 20, 2020, Quintessential Capital Management (“QCM”) released an equity report (the “Report”) detailing, among other things, how Akazoo misled investors and failed to disclose pertinent information, including: (a) Akazoo’s overstated its users, subscribers, revenue and profit; (b) Akazoo overstated the size of the of the Company and its services; (c) Akazoo overstated where the Company’s service is actually available; and (d) Akazoo is and has been closing offices and losing employees.

On this news, Akazoo stock fell $0.54 per share over the next two trading days, or over 20%, to close at $1.99 per share on April 21, 2020, damaging investors.

 

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Akazoo S.A.

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Details

Filed on 04/27/2020

Ticker NASDAQ:SONG

Lead Plaintiff Deadline 06/23/2020

21 days remaining

Office

685 Third Avenue 26th Floor

10017 New York, New York

Phone (212) 983-9330

Fax (212) 983-9331

Counsel

Richard W. Gonnello rgonnello@faruqilaw.com Phone (212) 983-9330 Fax (212) 983-9331

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