Investigation
Payoneer Global Inc. (PAYO)
Whether directors and officers of Payoneer Global Inc. (PAYO) breached their fiduciary duties to the company and its shareholders.
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Investigation
04/16/2021
Initial Lawsuit
04/16/2021
Lawsuit Progression
09/15/2021
This is a class action on behalf of persons and entities that purchased or otherwise acquired Franklin securities between September 17, 2020 and April 8, 2021, inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors:
(1) that Franklin’s hotspot devices suffered from battery issues, including overheating, thereby presenting a fire hazard;
(2) that, as a result, it was reasonably likely that the Company’s customers would recall Franklin’s devices;
(3) that, as a result, Franklin would suffer reputational harm;
(4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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