LOS ANGELES, June 02, 2020 (GLOBE NEWSWIRE) -- The Law Offices of Frank R. Cruz reminds investors that class action lawsuits have been filed on behalf of shareholders of the following publicly-traded companies. Investors have until the deadlines listed below to file a lead plaintiff motion.
Investors suffering losses on their investments are encouraged to contact The Law Offices of Frank R. Cruz to discuss their legal rights in these class actions at 310-914-5007 or by email to email@example.com.
Akazoo S.A. (NASDAQ: SONG)
Class Period: September 11, 2019 – April 20, 2020
Lead Plaintiff Deadline: June 23, 2020
The complaint alleges that throughout the Class Period, Akazoo made false and/or misleading statements and/or failed to disclose: (1) that Akazoo overstated its revenue, profits, and cash holdings; (2) that Akazoo holds significantly lesser music distribution rights than it has stated and implied; (3) that as opposed to Akazoo’s continued statements, it does not operate in 25 countries; (4) that Akazoo has a significantly smaller user base than it states; (5) that Akazoo has closed its headquarters and other offices around the world; and (6) as a result, Akazoo’s public statements were materially false and/or misleading at all relevant times.
Phoenix Tree Holdings Limited (NASDAQ: DNK)
Class Period: In connection with January 22, 2020 IPO
Lead Plaintiff Deadline: June 26, 2020
The complaint alleges that Phoenix’s Registration Statement was false and/or misleading because it failed to disclose: (a) that Phoenix had received customer complaints and negative press regarding questionable business conduct before the IPO, including its widespread and notorious practice of deceptively inducing renters to procure loans whose proceeds financed the Company’s business and operations; (b) that competition in the residential rental market in China had suffered at the time of the IPO as the coronavirus ravaged the very locations where Phoenix primarily operated, including Wuhan; (c) that Phoenix’s technological capabilities were unable to enable the Company to overcome the complications and erosion of business resulting from the spread of the coronavirus throughout China at the time of the IPO; and (d) that, as a result of the foregoing, Phoenix was positioned no differently than its competitors in managing the fallout from customer complaints or adverse implications stemming from the coronavirus in China.
Groupon, Inc. (NASDAQ: GRPN)
Class Period: November 4, 2019 – February 18, 2020
Lead Plaintiff Deadline: June 29, 2020
The complaint filed in this class action alleges that throughout the Class Period, Groupon made materially false and/or misleading statements, as well as failed to disclose material adverse facts about its business, operations, and prospects. Specifically, Groupon failed to disclose to investors: (1) that Groupon was experiencing fewer customer engagements in its Goods category; (2) that Groupon relied on its Goods category to drive its sales, especially during the holiday season; (3) that, as a result of the foregoing, Groupon was likely to experience reduced sales; and (4) that, as a result of the foregoing, Groupon’s positive statements about its business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
SCWorx Corp. (NASDAQ: WORX)
Class Period: April 13, 2020 – April 17, 2020
Lead Plaintiff Deadline: June 29, 2020
The complaint filed in this class action alleges that throughout the Class Period, SCWorx made materially false and/or misleading statements, as well as failed to disclose material adverse facts about its business, operations, and prospects. Specifically, SCWorx failed to disclose to investors: (1) that SCWorx’s supplier for COVID-19 tests had previously misrepresented its operations; (2) that SCWorx’s buyer was a small company that was unlikely to adequately support the purported volume of orders for COVID-19 tests; (3) that, as a result, SCWorx’s purchase order for COVID-19 tests had been overstated or entirely fabricated; and (4) that, as a result of the foregoing, SCWorx’s positive statements about the its business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
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To be a member of these class actions, 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 action. If you wish to learn more about these class actions, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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