According to the law firm press release, Axiom Holdings, Inc. is an independent power producer and real estate developer that develops, builds, owns & operates power generation plants and hotels. Axiom continues to leverage its global partnerships with real estate owners and hydropower developers and expand its asset portfolio through acquisition and development of identified pipeline.
On October 10, 2016, Axiom Holdings, Inc. 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, operational 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.