Company Website:
http://www.glancylaw.com/
LOS ANGELES -- (Business Wire)
Glancy
Binkow & Goldberg LLP, representing investors of Axesstel,
Inc. (“Axesstel” or the “Company”) (OTC:AXST), has filed a class
action lawsuit in the United States District Court for the Southern
District of California on behalf of a class (the “Class”) comprising all
purchasers of Axesstel securities between February 25, 2013 and March
31, 2014, inclusive (the “Class Period”).
Please contact Glancy Binkow & Goldberg LLP, toll-free at (888) 773-9224
or at (212) 682-5340, or by email to shareholders@glancylaw.com
to discuss this matter.
Axesstel provides wireless voice, broadband access and connected home
solutions for the telecommunications market worldwide. The Complaint
alleges that throughout the Class Period defendants issued false and
misleading statements or failed to disclose that: (1) the Company was
facing issues that were negatively impacting the rollout of Axesstel’s
new Home Alert product line; (2) certain aspects of sales to two
customers in Africa in the first quarter of 2013, including payment
terms and market allowances, were not finalized by the end of the
quarter; (3) the Company improperly recognized revenue from the
foregoing sales to the two customers in Africa, in violation of the
Company’s stated revenue recognition policy; (4) as a result, the
Company’s revenue and financial results were overstated, and the Company
misrepresented the progress of the rollout of the new Home Alert product
line, as well as the true demand for the new product line; (5) the
Company’s financial statements were not prepared in accordance with
Generally Accepted Accounting Principles (“GAAP”); (6) the Company
lacked adequate internal and financial controls; and (7) as a result of
the foregoing, the Company’s financial statements and other statements
about Axesstel’s business, operations, and prospects were materially
false and misleading at all relevant times and/or lacked a reasonable
basis.
If you are a member of the Class described above, you may move the Court
no later than 60 days from the date of this Notice, to serve as lead
plaintiff, if you meet certain legal requirements. To be a member of the
Class 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. If you wish to learn more about this action, or have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Michael
Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century
Park East, Suite 2100, Los Angeles, California 90067, Toll Free at (888)
773-9224, or contact Gregory
Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd
Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by
e-mail to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts:
Glancy Binkow & Goldberg LLP, Los Angeles, CA
Michael Goldberg
888-773-9224
or
Glancy
Binkow & Goldberg LLP, New York, NY
Gregory Linkh
212-682-5340
or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
Source: Glancy Binkow & Goldberg LLP
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