SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that a purchaser of Franklin Wireless Corp. (NASDAQ: FKWL) filed a class action complaint against the Company and its officers and directors for alleged violations of the Securities Exchange Act of 1934 between September 17, 2020 and April 8, 2021. Franklin purports to be a leading provider of intelligent wireless solutions such as mobile hotspots, routers, trackers, and other devices.
If you suffered a loss due to Franklin Wireless Corp.'s misconduct, click here.
Franklin Wireless Corp. (FKWL) Failed to Disclose its Hotspot Devices Suffered from Battery Issues
According to the complaint, 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, media reported 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." On this news, the stock price fell 14%, to close at $17.33 per share on April 8. 2021. The next day, Franklin announced that Verizon "has issued a voluntary recall of its Jetpack Hotspot devices imported by Franklin." On this news, Franklin's stock price fell nearly 23%, to close at $13.26 per share on April 9, 2021.
If you purchased shares of Franklin Wireless Corp. (FKWL) between September 17, 2020 and April 8, 2021, you have until June 15, 2021, to ask the court to appoint you lead plaintiff for the class. If you would like more information regarding your rights, please contact Lauren Levi at (800) 350-6003 or llevi@robbinsllp.com, or via our Shareholder Information Form.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
Robbins LLP is a nationally recognized leader in shareholder rights law. To be notified if a class action against Franklin Wireless Corp. settles or to receive free alerts about companies engaged in wrongdoing, sign up for Stock Watch today.
Attorney Advertising. Past results do not guarantee a similar outcome.
