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Case Status:    ONGOING    
On or around 04/24/2020 (Date of last review)

Filing Date: April 24, 2020

According to the Complaint, Akazoo S.A. purports to be a global on-demand music, audio streaming, media, and A.I. technology company with a focus on emerging markets and a presence in 25 countries.

The Complaint alleges Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Akazoo overstated its revenue, profits, and cash holdings; (2) Akazoo holds significantly lesser music distribution rights than it has stated and implied; (3) as opposed to Akazoo’s continued statements, it does not operate in 25 countries; (4) Akazoo has a significantly smaller user base than it states; (5) Akazoo has closed its headquarters and other offices around the world; and (6) 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.

COMPANY INFORMATION:

Sector: Services
Industry: Communications Services
Headquarters: Luxembourg

SECURITIES INFORMATION:

Ticker Symbol: SONG
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. New York
DOCKET #: 20-CV-01900
JUDGE: Hon. Brian M. Cogan
DATE FILED: 04/24/2020
CLASS PERIOD START: 09/11/2019
CLASS PERIOD END: 04/20/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (NY)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available