NEW YORK, Aug. 10, 2017 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Axiom Holdings, Inc. AIOM from October 14, 2016 through June 19, 2017, inclusive (the "Class Period"). The lawsuit seeks to recover damages for Axiom investors under the federal securities laws.
To join the Axiom class action, go to http://rosenlegal.com/cases-1150.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The complaint alleges that defendants during the Class Period made false and misleading statements and/or failed to disclose that: (1) Axiom lacked control over the merger process sufficient to ensure that the Agreement with CJC would be completed; (2) accordingly, the Agreement with CJC was never completed; (3) Axiom's issuance of shares to the CJC Shareholders was thus improper; and (4) as a result, Axiom's public statements were materially false and misleading at all relevant times.
On June 19, 2017, Axiom issued a press release disclosing that it had identified discrepancies related to prior news announcements in response to a subpoena from the Securities and Exchange Commission. The following day, Axiom issued a second press release, advising investors that "it now appears the merger was never completed" and advising investors that it would rescind the shares that were issued to the CJC Shareholders in connection with the merger. On this news, shares of Axiom fell $0.44 per share or over 37% over two trading days to close at $0.72 per share on June 20, 2017, damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 21, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://rosenlegal.com/cases-1150.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Since 2014, Rosen Law Firm has been ranked #2 in the nation by Institutional Shareholder Services for the number of securities class action settlements annually obtained for investors.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
Kevin Chan, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 34th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
kchan@rosenlegal.com
www.rosenlegal.com
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SOURCE Rosen Law Firm, P.A.
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