NEW YORK, June 14, 2021 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Franklin Wireless Corporation (“Franklin Wireless” or the “Company”) (NASDAQ: FKWL). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Franklin Wireless and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 9, 2021, Franklin Wireless issued a press release announcing that the Company “has been notified that Verizon Wireless has issued a voluntary recall of its Jetpack Hotspot devices imported by Franklin.” Verizon Wireless’s recall was prompted by reports of the lithium-ion batteries in the devices overheating, posing a fire hazard.
On this news, Franklin Wireless’s stock price fell $4.07 per share, or 23.49%, to close at $13.26 per share on April 9, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com