Skip to Content

Deadline looming for Akazoo S.A. (SONG)

Wed 20th May 2020 | Posted by , on General

class action

LOS ANGELES, May 19, 2020 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming June 23, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Akazoo S.A. (“Akazoo” or the Company”) (NASDAQ: SONG) investors who purchased securities between September 11, 2019 and April 20, 2020, inclusive (the “Class Period”)

If you suffered a loss on your Akazoo investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-801-2829, via email shareholders@glancylaw.com or visit our website at www.glancylaw.com to learn more about your rights.

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.

Follow us for updates on LinkedIn, Twitter, or Facebook.

If you purchased or otherwise acquired Akazoo securities during the Class Period, you may move the Court no later than June 23, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-801-2829, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

Categories