BOSTON, April 24, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, announces that a securities fraud class action has been filed against Akazoo S.A. (NASDAQ: SONG) and certain of its officers.  Investors who have lost money are encouraged to contact the firm for a free case evaluation. Investors who have lost money have until June 23, 2020 to move for lead plaintiff.

The lawsuit alleges that on April 20, 2020, Quintessential Capital gave a presentation concerning Akazoo, stating that the Company looks like an accounting scheme because its users, subscribers, revenue, and profit may be “profoundly overstated.”  Quintessential Capital further stated “[w]e believe Akazoo is a scheme orchestrated by management to profit while egregiously deceiving investors.”  On this news, Akazoo’s share price plummeted over 26% during intraday trading.

On April 22, 2020, Akazoo issued a press release announcing that its Board of Directors formed a special committee to investigate the allegations raised by Quintessential Capital’s report, and that the special committee has retained Latham & Watkins LLP as its legal counsel.  On this news, the stock dropped approximately 15%.

If you purchased or acquired shares of Akazoo and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockesq.com, or at https://shareholder.law/akazoo. 

Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets.  The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States.  The firm’s lawyers have recovered billions of dollars for its clients.

This notice may constitute attorney advertising.

CONTACT:

BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockesq.com 

SOURCE: Block & Leviton LLP
www.blockesq.com

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