Akazoo S.A. Securities Litigation

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Lawsuit Overview

Defendant:Akazoo S.A.
Date Filed:April 24th, 2020
Sector:Consumer Services
Industry:Broadcasting
Class Start Date:January 24th, 2019
Class End Date:May 21st, 2020
Settlement Website: http://www.strategicclaims.net/akazoo-s-a-securities-litigation
Settlement Deadline:September 23rd, 2021

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.

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Reference Complaint

In re Akazoo S.A. Securities Litigation

Date Filed:September 8th, 2020
Class Period Start:January 24th, 2019
Class Period End:May 21st, 2020
Reference Complaint Filings
#Document TitleFiling Date
 
First Identified Complaint

Aung K. Soe, et al. v. Akazoo S.A., et al.

Date Filed:April 24th, 2020
Class Period Start:January 24th, 2019
Class Period End:May 21st, 2020
First Identified Complaint Filings
#Document TitleFiling Date