LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP, representing investors of Axesstel, Inc. (“Axesstel” or the “Company”) (OTC:AXST), has filed a class action lawsuit in the United States District Court for the Southern District of California on behalf of a class (the “Class”) comprising all purchasers of Axesstel securities between February 25, 2013 and March 31, 2014, inclusive (the “Class Period”).
Please contact Glancy Binkow & Goldberg LLP, toll-free at (888) 773-9224 or at (212) 682-5340, or by email to shareholders@glancylaw.com to discuss this matter.
Axesstel provides wireless voice, broadband access and connected home solutions for the telecommunications market worldwide. The Complaint alleges that throughout the Class Period defendants issued false and misleading statements or failed to disclose that: (1) the Company was facing issues that were negatively impacting the rollout of Axesstel’s new Home Alert product line; (2) certain aspects of sales to two customers in Africa in the first quarter of 2013, including payment terms and market allowances, were not finalized by the end of the quarter; (3) the Company improperly recognized revenue from the foregoing sales to the two customers in Africa, in violation of the Company’s stated revenue recognition policy; (4) as a result, the Company’s revenue and financial results were overstated, and the Company misrepresented the progress of the rollout of the new Home Alert product line, as well as the true demand for the new product line; (5) the Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles (“GAAP”); (6) the Company lacked adequate internal and financial controls; and (7) as a result of the foregoing, the Company’s financial statements and other statements about Axesstel’s business, operations, and prospects were materially false and misleading at all relevant times and/or lacked a reasonable basis.
If you are a member of the Class described above, you may move the Court no later than 60 days from the date of this Notice, to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll Free at (888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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