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The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Akazoo S.A. (SONG)

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05/23/2020 | 12:01pm EDT

LOS ANGELES, May 23, 2020 (GLOBE NEWSWIRE) -- The Law Offices of Frank R. Cruz reminds investors of the upcoming June 23, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Akazoo S.A. ("Akazoo" or the Company") (NASDAQ: SONG) securities between September 11, 2019 and April 20, 2020, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

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 $0.53, or more than 20%, over two consecutive trading sessions to close at $1.99 per share on April 21, 2020, on unusually heavy trading volume.

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 Twitter: twitter.com/FRC_LAW.

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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.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

The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com

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© GlobeNewswire 2020
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