NEW YORK, May 6, 2020 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Akazoo S.A. ("Akazoo" or the "Company") (NASDAQ: SONG). A complaint has been filed against the Company and Apostolos Zervos ("Zervos"), the founder and Chief Executive Officer of Akazoo, on behalf of investors that purchased or otherwise acquired Akazoo securities between September 11, 2019 and April 20, 2020, inclusive (the "Class Period").
On April 20, 2020, Quintessential Capital reportedly made a presentation concerning Akazoo, stating that the Company looks like an accounting scheme because its users, subscribers, revenue, and profit may be "profoundly overstated." Quintessential Capital further stated "[w]e believe Akazoo is a scheme orchestrated by management to profit while egregiously deceiving investors."
Following this news, Akazoo's share price fell more than 20% over two trading days to close at $1.99 per share on April 21, 2020.
On April 22, 2020, Akazoo issued a press release announcing that its Board of Directors formed a special committee to investigate the allegations raised by Quintessential Capital's report.
Following this news, Akazoo's share price fell 16.7% to close at $1.66 per share on April 22, 2020.
On May 1, 2020, Akazoo announced the termination of CEO Zervos "for cause" and that certain financial statements should no longer be relied upon due to the possibility that such financial statements contain material errors, including financial statements for the years 2016 through 2018. At the time of this news, trading in Akazoo was halted.
If you are a member of the proposed Class, you may move the court no later than June 23, 2020 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing firstname.lastname@example.org or by calling 646-315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
Fax: (212) 687-7714
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
Fax: (415) 772-4707
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SOURCE Kaplan Fox & Kilsheimer LLP