Axiom Holdings, Inc.
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The Pawar Law Group announces a class action lawsuit on behalf of Axiom Holdings, Inc. (AIOM) investors who purchased Axiom stock between October 14, 2016 and June 19, 2017 inclusive (the “Class Period”). The suit is for recovery of investor losses.
No class has been certified in the above action yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
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.
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. You may join the case here: http://pawarlawgroup.com/cases/axiom/ or email Vik Pawar, Esq. at firstname.lastname@example.org
Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1210
New York, NY 10007
Tel: (212) 571-0805
Fax: (212) 571-0938