SONG - UPDATE: Akazoo Forms Special Committee to Investigate Allegations of Misconduct; Block & Leviton Continues Its Investigation; Investors Who Lost Money Should Contact the Firm

BOSTON, MA / ACCESSWIRE / April 22, 2020 / Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, continues to investigate potential securities fraud by Akazoo S.A. (NASDAQ:SONG) and certain of its officers. Investors who have lost money are encouraged to contact the firm for a free case evaluation.

On April 20, 2020, Quintessential Capital gave a presentation concerning Akazoo, stating that the Company looks like an accounting scheme because its users, subscribers, revenue, and profit may be "profoundly overstated." Quintessential Capital further stated, "[w]e believe Akazoo is a scheme orchestrated by management to profit while egregiously deceiving investors." On this news, Akazoo's share price plummeted over 26% during intraday trading.

On April 22, 2020, Akazoo issued a press release announcing that its Board of Directors formed a special committee to investigate the allegations raised by Quintessential Capital's report and that the special committee has retained Latham & Watkins LLP as its legal counsel. On this news, the stock has dropped approximately 15%.

If you purchased or acquired shares of Akazoo and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockesq.com, or at https://shareholder.law/akazoo.

Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country's financial markets. The firm represents many of the nation's largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm's lawyers have recovered billions of dollars for its clients.

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CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockesq.com
www.blockesq.com

SOURCE: Block & Leviton LLP