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OFFON

FRANKLIN WIRELESS CORP.

(FKWL)
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Franklin Wireless Shares Tumble on Verizon Hotspot Recall

04/09/2021 | 10:41am EDT

By Colin Kellaher

Shares of Franklin Wireless Corp. fell sharply for a second straight day on Friday after Verizon Communications Inc. recalled about 2.5 million Ellipsis Jetpack mobile hotspots imported by Franklin due to fire and burn hazards.

The U.S. Consumer Product Safety Commission on Thursday said Verizon was recalling the hotspots because the lithium ion battery in the products can overheat, posing fire and burn hazards.

According to the CPSC, Verizon has received 15 reports of devices overheating, including six reports of fire damage to bedding or flooring and two reports of minor burn injuries.

Franklin, a San Diego provider of wireless access products, on Friday said it is working with its battery and device manufacturing partners to determine the cause and extent of the issue.

Verizon's Verizon Wireless unit sold the hotspots in its stores and online from April 2017 through March of this year.

Franklin shares, which fell 14% Thursday amid early news of the recall, were recently down 20.9% to $13.71.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

04-09-21 1040ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.14% 34273.52 Delayed Quote.12.34%
FRANKLIN WIRELESS CORP. 1.17% 10.42 Delayed Quote.-56.17%
VERIZON COMMUNICATIONS -1.32% 57.1801 Delayed Quote.-0.10%
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More news
Financials (USD)
Sales 2021 225 M - -
Net income 2021 22,2 M - -
Net Debt 2021 - - -
P/E ratio 2021 5,36x
Yield 2021 -
Capitalization 119 M 119 M -
Capi. / Sales 2021 0,53x
Capi. / Sales 2022 0,56x
Nbr of Employees 71
Free-Float 64,0%
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Technical analysis trends FRANKLIN WIRELESS CORP.
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Average target price 28,00 $
Last Close Price 10,30 $
Spread / Highest target 172%
Spread / Average Target 172%
Spread / Lowest Target 172%
EPS Revisions
Managers and Directors
NameTitle
O. C. Kim President, CEO, CFO, Secretary & Director
Gary Nelson Chairman
Yun J. Lee Chief Operating Officer
Johnathan Chee Independent Director
Heidy Chow Independent Director
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