NEW YORK, April 28, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. today announced that a class action lawsuit has been filed on behalf of purchasers of Axesstel, Inc. (OTC:AXST) common stock during the period from February 25, 2013 through March 31, 2014, seeking to recover damages for Axesstel shareholders for violations of the federal securities laws.
To join the Axesstel class action, visit the firm's website at http://rosenlegal.com, or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free, at 866-767-3653; you may also email firstname.lastname@example.org or email@example.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
According to the lawsuit, Axesstel misrepresented or concealed that: (1) Axesstel faced problems that impacted the rollout of its new Home Alert product line; (2) certain aspects of sales to two of its customers in Africa during the first quarter of 2013 were not finalized by the end of the quarter; (3) Axesstel improperly recognized revenue from sales to the two customers in Africa; (4) as a result, the Company's revenue and financial results were overstated and the progress of the Home Alert rollout was misrepresented; (5) Axesstel's financial statements were not prepared in accordance with Generally Accepted Accounting Principles; and (6) the Company lacked adequate internal and financial controls.
If you wish to serve as lead plaintiff, you must move the Court no later than June 23, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at firstname.lastname@example.org or email@example.com. You may also visit the firm's website at http://rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
CONTACT: Laurence Rosen, Esq. Phillip Kim, Esq. Yu Shi, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 34th Floor New York, New York 10016 Tel: (212) 686-1060 Toll Free: 1-866-767-3653 Fax: (212) 202-3827 firstname.lastname@example.org email@example.com firstname.lastname@example.org www.rosenlegal.comSource: The Rosen Law Firm PA PC