SHAREHOLDER ALERT: Robbins LLP Investigates Franklin Wireless Corp. (FKWL) on Behalf of Shareholders
SAN DIEGO--(BUSINESS WIRE)--Nov 8, 2021--
Shareholder rights law firm Robbins LLP announces that it is investigating Franklin Wireless Corp. (Nasdaq: FKWL) to determine whether certain Franklin Wireless officers and directors violated the Securities Exchange Act of 1934 and breached their fiduciary duties to the Company. Franklin Wireless Corp.
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Franklin Wireless Corp. (FKWL) Accused of Failing to Disclose its Hotspot Devices Suffered from Battery Issues
According to a class action complaint filed on behalf of purchasers of Franklin Wireless, 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.
Franklin Wireless Corp. (FKWL) shareholders have legal options. If you own shares of Franklin Wireless Corp., contact us to learn more about your rights.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Franklin Wireless Corp. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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SOURCE: Robbins LLP
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PUB: 11/08/2021 11:17 AM/DISC: 11/08/2021 11:17 AM