FRANKLIN WIRELESS CORP. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of California against Franklin Wireless Corp.
LEAD PLAINTIFF DEADLINE IS JUNE 15, 2021
NEW YORK and SAN DIEGO, April 23, 2021 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of investors that purchased Franklin Wireless Corp. (NASDAQ: FKWL) securities between September 17, 2020 and April 8, 2021, inclusive (the "Class Period").
All investors who purchased shares of Franklin Wireless Corp. and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in your investment in Franklin Wireless Corp. you may, no later than June 15, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Franklin Wireless Corp.
On April 1, 2021, Franklin stated that it "ha[d] been notified of reports of battery issues in some of its wireless hotspot devices." It also stated that the Company was "working with its battery and device manufacturing partners and carrier customer to determine the cause and extent of the problem."
On this news, the Company's share price fell $0.35, or 1.65%, to close at $20.77 per share on April 5, 2021, the next trading session.
On April 8, 2021, media reported that Verizon Wireless is recalling certain hotspot devices. According to CNBC, Verizon "is recalling 2.5 million hotspot devices after discovering that the lithium ion battery can overheat, creating a fire and burning hazard." Moreover, the "recall impacts Ellipsis Jetpack mobile hotspots imported by Franklin Wireless Corp. and sold between April 2017 and March 2021."
On this news, the Company's share price fell $2.82, or 14%, to close at $17.33 per share on April 8, 2021.
On April 9, 2021, Franklin stated that its customer Verizon Wireless "has issued a voluntary recall of its Jetpack Hotspot devices imported by Franklin." The Company stated that "[a]t this time, fewer than 20 reports of trouble have been received with over 2 million devices in [sic] sold over the last three and a half years."
On this news, the Company's share price fell $4.07, or nearly 23%, to close at $13.26 per share on April 9, 2021.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
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