According to the law firm press release, Axiom Holdings, Inc. is an independent power producer and real estate developer that develops, builds, owns and operates power generation plants and hotels.

On October 10, 2016, Axiom entered into a Share Exchange Agreement (the “Agreement”) with CJC Holdings, Ltd. (together with its subsidiaries, “CJC”), a Hong Kong corporation, and the two shareholders of CJC. CJC, through its subsidiaries, operates and constructs hydropower electric generation stations located in China with two in operation, a third under construction and a fourth in the planning stage and slated for operation in 2019. In addition, CJC, through its subsidiaries, operates two hotels in China.

Pursuant to the Agreement, Axiom was to acquire all of the issued and outstanding shares of CJC from the CJC Shareholders in exchange for the issuance to the CJC Shareholders of 200,000,000 shares of the Company’s common stock.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Axion lacked control over the merger process sufficient to ensure that the Agreement with CJC would be completed; (ii) accordingly, the Agreement with CJC was never completed; (iii) the Company’s issuance of shares to the CJC Shareholders was thus improper; and (iv) as a result of the foregoing, Axiom’s public statements were materially false and misleading at all relevant times.

On September 12, 2017, the Court issued an Order appointing Lead Plaintiffs and Co-Lead Counsel. Lead Plaintiffs filed a motion for Class Certification on June 28, 2019. On July 7, 2020, the Court issued an Order granting Class Certification.

On November 16, 2021, the Court issued an Order dismissing an individual Defendant from the case.

On May 26, 2022, the Court adopted the Report and Recommendation made by the Magistrate Judge and entered judgment, including an award of Damages, for the Plaintiffs.