NEW YORK, May 14, 2014 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of California on behalf of investors who purchased Axesstel, Inc. ("Axesstel" or the "Company") (OTC:AXST) common stock between February 25, 2013 and March 31, 2014.
For more information, click here: http://zlk.9nl.com/axesstel-axst.
The complaint alleges that during the Class Period, defendants issued false and misleading information and/or failed to disclose that, among other things: (a) the Company was facing problems that impacted the rollout of Axesstel's new Home Alert product line; (b) certain aspects of sales to two customers in Africa in the first quarter of 2013 were not finalized by the end of the quarter; (c) the Company improperly recognized revenue from the foregoing sales to said customers; (d) as a result of the aforementioned, the Company's revenue and financial results were overstated, and the progress of the Home Alert rollout was misrepresented; and (e) the Company lacked adequate internal and financial controls.
If you suffered a loss in Axesstel you have until June 23, 2014 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/axesstel-axst.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP