Thieler Law Corp advises investors with losses exceeding $100,000 of the June 15, 2021 lead plaintiff deadline in a class action lawsuit filed against Franklin Wireless Corp. (NASDAQ: FKWL) (Franklin Wireless Corp. or “the Company”). The suit is pending in the U.S. District Court for the Southern District of California and investors, who purchased Franklin Wireless Corp. securities between September 17, 2020 through April 8, 2021, have until June 15, 2021 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased Franklin Wireless Corp. securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

Franklin purports to be a leading provider of intelligent wireless solutions such as mobile hotspots, routers, trackers, and other devices.

On April 1, 2021, Franklin stated that it “ha[d] been notified of reports of battery issues in some of its wireless hotspot device.” It also stated that the Company was “working with its battery and device manufacturing partners and carrier customer to determine the cause and extent of the problem.” On this news, the Company’s share price fell $0.35, or 1.65%, to close at $20.77 per share on April 5, 2021, the next trading session, on unusually heavy trading volume.

On April 8, 2021, media reported that Verizon Wireless is recalling certain hotspot devices. According to CNBC, Verizon “is recalling 2.5 million hotspot devices after discovering that the lithium ion battery can overheat, creating a fire and burning hazard.” Moreover, the “recall impacts Ellipsis Jetpack mobile hotspots imported by Franklin Wireless Corp and sold between April 2017 and March 2021.” On this news, the Company’s share price fell $2.82, or 14%, to close at $17.33 per share on April 8, 2021, on unusually heavy trading volume.

On April 9, 2021, Franklin stated that its customer Verizon Wireless “has issued a voluntary recall of its Jetpack Hotspot devices imported by Franklin.” The Company stated that “[a]t this time, fewer than 20 report of trouble have been received with over 2 million devices in [sic] sold over the last three and a half years.” On this news, the Company’s share price fell $4.07, or nearly 23%, to close at $13.26 per share on April 9, 2021, on unusually heavy trading volume.

According to the lawsuits, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Franklin’s hotspot devices suffered from battery issues, including overheating, thereby presenting a fire hazard; (2) as a result, it was reasonably likely that the Company’s customers would recall Franklin’s devices; (3) as a result, Franklin would suffer reputational harm; and (4) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you were negatively impacted by your investment in Franklin Wireless Corp. securities between September 17, 2020 through April 8, 2021 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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