San Diego, CA -- (SBWIRE) -- 05/05/2020 -- An investor, who purchased shares of Akazoo S.A. (NASDAQ: SONG), filed a lawsuit alleged violations of Federal Securities Laws by Akazoo S.A.

Investors who purchased shares of Akazoo S.A. (NASDAQ: SONG) have certain options and for certain investors are short and strict deadlines running. Deadline: June 23, 2020. Akazoo S.A. (NASDAQ: SONG investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Luxembourg based Akazoo S.A. operates as an on-demand music and audio streaming, and media and AI technology company. On April 20, 2020, Quintessential Capital gave a presentation regarding Akazoo S.A., stating that the Company looks like an accounting scheme because its users, subscribers, revenue and profit may be "profoundly overstated."

Shares of Akazoo S.A. (NASDAQ: SONG) declined from $3.18 per share on April 7, 2020, to as low as $1.42 per share on April 20, 2020, respectively to as low as $1.06 per share on April 24, 2020.

The plaintiff claims that between September 11, 2019 and April 20, 2020, the defendants made false and/or misleading statements and/or failed to disclose that Akazoo overstated its revenue, profits, and cash holdings, that Akazoo holds significantly lesser music distribution rights than it has stated and implied, that as opposed to Akazoo's continued statements, it does not operate in 25 countries, that Akazoo has a significantly smaller user base than it states, that Akazoo has closed its headquarters and other offices around the world, and that as a result, defendants' public statements were materially false and/or misleading at all relevant times. According to the suit, these true details were disclosed by a market research firm.

Those who purchased shares of Akazoo S.A. (NASDAQ: SONG) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.