An investigation on behalf of investors of Franklin Wireless Corp. (NASDAQ: FKWL) shares over potential securities laws violations by Franklin Wireless Corp. and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Franklin Wireless Corp. (NASDAQ: FKWL) concerning whether a series of statements by Franklin Wireless Corp. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

San Diego, CA based Franklin Wireless Corp. provides intelligent wireless solutions. Franklin Wireless Corp. reported that its Total Revenue rose from $36.46 million for the 12 months period that ended on June 30, 2019, to $75.07 million for the 12 months period that ended on June 30, 2020, and that its Net Loss of $1.27 million for the 12 months period that ended on June 30, 2019, turned into a Net Income of $5.55 million for the 12 months period that ended on June 30, 2020.

On April 9, 2021, Franklin Wireless Corp reported that it had been notified “that Verizon Wireless has issued a voluntary recall of its Jetpack Hotspot devices imported by Franklin.” The Company stated that it was “work[ing] with its battery and device manufacturing partners to determine the cause and extent of the concerns.”

Shares of Franklin Wireless Corp. (NASDAQ: FKWL) declined from $22 per share in late March 2021, to as low as $11.87 per share on April 12, 2021.