Axesstel receives class action lawsuit

A law office recently explained that a securities class action claim was filed on behalf of shareholders of a telecommunications company.

Law firm Tripp Levy, PLLC, noted that the litigation was filed in the U.S. District Court for the Southern District of California against Axesstel, Inc. This includes all shareholders who acquired interests in the company during the class period between Feb. 25, 2013, and March 31, 2014.

The issues brought forth in the lawsuit include allegations that the company's leaders released statements that were false or misleading during the class period. Specifically, these include the lack of information regarding the company's issues with releasing its Home Alert product. There were also problems with transactions involving two customers in Africa during the early part of 2013, as the deal was not completed by the end of the first quarter, as well as problems with market allowances and payment terms.

Further allegations included the company's failure to correctly recognize earnings from the sales, which violated its own policy. This overstated its financial statements, and inflated its progress regarding the release of the Home Alert product.

It is possible for shareholders to speak with the law firm to learn more about the case, and how it may affect their rights and interests. Firm members are able to be reached by telephone or email, while there is also information available on the law office's website. Shareholders should provide their email address and the number of Axesstel shares they own.

Second lawsuit filed
Another law office noted that it filed a class action lawsuit against Axesstel in the same court for many of the aforementioned reasons.

Glancy Binkow and Goldberg, LLP, noted that the litigation was for the same class period.

It is possible for shareholders to become lead plaintiff in the case, but they will need to file the necessary paperwork with the law office within 60 days of the filing date. This is not a mandatory position to collect funds in the event of a return.

For those who have questions or concerns regarding their legal rights and interests, it is possible to discuss these matters with the law office. The best people to speak with are Michael Goldberg and Gregory Linkh. They can be contacted by telephone or email, while further information is available through the firm's website.