SAN DIEGO, Sept. 14, 2021 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces an update in the lawsuit that is pending for certain investors in Franklin Wireless Corp. (NASDAQ: FKWL) shares.
Investors, who purchased shares of Franklin Wireless Corp. (NASDAQ: FKWL) prior to September 2020 and continue to hold any of their NASDAQ: FKWL shares, have also certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On April 16, 2021, a lawsuit was filed against Franklin Wireless Corp. over alleged securities laws violations. The plaintiff alleged that the defendants failed to disclose to investors that Franklin’s hotspot devices suffered from battery issues, including overheating, thereby presenting a fire hazard, that, as a result, it was reasonably likely that the Company’s customers would recall Franklin’s devices, that, as a result, Franklin would suffer reputational harm, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On June 15, 2021, two motions were filed to appoint a lead plaintiff. On July 6, 2021, one motion to appoint a lead plaintiff was withdrawn and on July 21, 2021, the court took the remaining motion to appoint a lead plaintiff under submission.
Those who purchased Franklin Wireless Corp. (NASDAQ: FKWL) shares should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
