On or around 09/10/2020 (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.
On July 17, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiffs filed an amended Complaint on September 8.
Company & Securities Information
Defendant: Akazoo S.A.
Industry: Communications Services
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.
First Identified Complaint
Aung K. Soe, et al. v. Akazoo S.A., et al.
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:
The Rosen Law Firm, P.A. (NY)
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violation of the Federal Securities Laws