Investors with losses in excess of $100,000 are encouraged to contact the firm before June 15, 2021; click here to submit trade information
LOS ANGELES, June 15, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Franklin Wireless Corp. (NASDAQ: FKWL) investors that acquired shares between September 17, 2020 and April 8, 2021. Investors have until June 15, 2021 to seek an active role in this litigation.
It is alleged in this complaint that on April 1, 2021, Franklin stated that it "ha[d] been notified of reports of battery issues in some of its wireless hotspot device" and that it was "working with its battery and device manufacturing partners and carrier customer to determine the cause and extent of the problem." Then, on April 8, it was reported in the media that Verizon Wireless "is recalling 2.5 million hotspot devices after discovering that the lithium ion battery can overheat, creating a fire and burning hazard." The "recall impacts Ellipsis Jetpack mobile hotspots imported by Franklin Wireless Corp and sold between April 2017 and March 2021." The stock price fell 14% on this news, to close at $17.33 per share on April 8. 2021. Franklin announced the next day that Verizon "has issued a voluntary recall of its Jetpack Hotspot devices imported by Franklin." Franklin's stock price fell nearly 23% on this news, to close at $13.26 per share on April 9, 2021.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 15, 2021.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.