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Akazoo S.A. (NASDAQ: SONG) Investor Securities Class Action Lawsuit 04/24/2020

  • You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of September 23, 2021 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Akazoo S.A.
Security
NASDAQ: SONG

Case Name
Akazoo Shareholder Class Action Lawsuit 04/24/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
Akazoo_Partial_Settlement_04_22_2021.pdf
Settlement Proof
Akazoo_Proof_04_22_2021.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$35,000,000.00
Deadline to Participate in Settlement

You must register to view and download the Settlement Notice and Settlement Proof.

Summary

June 7, 2021 - The court granted final approval of the settlement.

April 28, 2021 - The court preliminarily approved the partial settlement.

April 22, 2021 - A stipulation of partial settlement was filed by the parties.

September 8, 2020 - An amended complaint was filed.

April 24, 2020 - An investor in shares of Akazoo S.A. (NASDAQ: SONG) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Akazoo S.A. in connection with certain allegedly false and misleading statements made between September 11, 2019 and April 20, 2020.

Luxembourg based Akazoo S.A. operates as an on-demand music and audio streaming, and media and AI technology company. On April 20, 2020, Quintessential Capital gave a presentation regarding Akazoo S.A., stating that the Company looks like an accounting scheme because its users, subscribers, revenue and profit may be profoundly overstated. Shares of Akazoo S.A. (NASDAQ: SONG) declined from $3.18 per share on April 7, 2020, to as low as $1.42 per share on April 20, 2020, respectively to as low as $1.06 per share on April 24, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Akazoo S.A. (NASDAQ: SONG) common shares between September 11, 2019 and April 20, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between September 11, 2019 and April 20, 2020, the defendants made false and/or misleading statements and/or failed to disclose that Akazoo overstated its revenue, profits, and cash holdings, that Akazoo holds significantly lesser music distribution rights than it has stated and implied, that as opposed to Akazoo’s continued statements, it does not operate in 25 countries, that Akazoo has a significantly smaller user base than it states, that Akazoo has closed its headquarters and other offices around the world, and that as a result, defendants’ public statements were materially false and/or misleading at all relevant times. According to the suit, these true details were disclosed by a market research firm.

Date Settled