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Case Status:    SETTLED  
—On or around 09/10/2021 (Date of order of final judgment)
Current/Last Presiding Judge:  
Hon. Brian M. Cogan

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. On April 22, 2021, the parties entered into a Stipulation and Agreement of Partial Settlement. The Court granted preliminary approval of the Settlement on April 28. On September 10, the Court granted final approval of the Settlement and entered Partial Judgment.

Lead Plaintiffs filed a second amended Complaint on February 11, 2022. The lone Defendant in the second amended Complaint is the certified public accounting firm that was the auditor for the Company Issuer's consolidated financial statements during the Class Period. On July 20, plaintiffs entered into a Stipulation and Agreement of Partial Settlement with the auditor Defendant. The Court granted preliminary approval of the Settlement with the auditor Defendant on July 25. On October 7, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On February 26, 2024, the Court issued an Order granting distribution of the Settlement funds.

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