Akazoo S.A.
| Company Name | Akazoo S.A. |
| Stock Symbol | SONG |
| Class Period | September 11, 2019 to April 20, 2020 |
| Lead Plaintiff Motion Deadline | June 23, 2020 |
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.
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.
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