Pomerantz LLP Announces Pendency of Class Action Involving Purchasers of Franklin Wireless Corp. Securities

SAN DIEGO, May 20, 2024 (GLOBE NEWSWIRE) --  The following statement is being issued by Pomerantz LLP regarding the Franklin Wireless Corp. Securities Litigation.

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF CALIFORNIA

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO: All persons and entities who, during the period between September 17, 2020 through April 8, 2021, inclusive, purchased or otherwise acquired Franklin Wireless Corp. (“Franklin”) securities and were allegedly damaged thereby (the “Class”)

PLEASE READ THIS NOTICE CAREFULLY, AS YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of California, that the above-captioned litigation (the “Action”) has been certified as a class action on behalf of the Class, except for certain persons and entities who are excluded from the Class by definition as set forth in the full printed Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”).

YOU ARE ALSO NOTIFIED that Plaintiff in the Action has reached a proposed settlement of the Action for $2,400,000 (the “Settlement”), that, if approved, will resolve all claims in the Action.

A hearing will be held on October 10, 2024 at 2:00 p.m., before the Honorable Anthony J. Battaglia at the United States District Court for the Southern District of California, Edward J. Schwartz United States Courthouse, 221 West Broadway, San Diego, CA 92101, in Courtroom 4A, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation and Agreement of Settlement dated February 7, 2024 (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Class Counsel’s application for an award of attorneys’ fees and reimbursement of expenses and Plaintiff’s reimbursement for their time and expenses should be approved. The Court reserves the right to hold the Settlement Hearing telephonically or by other virtual means.

If you are a member of the Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. If you have not yet received the Notice and Proof of Claim Form (“Claim Form”), you may obtain copies of these documents by contacting the Claims Administrator at info@franklinwirelesssettlement.com. Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.FranklinWirelessSettlement.com.

If you are a member of the Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form to the Claims Administrator postmarked no later than August 22, 2024, or submitted electronically by 11:59 p.m. EDT on August 22, 2024. If you are a Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Class and wish to exclude yourself from the Class, you must submit a request for exclusion such that it is received no later than September 18, 2024 by the Claims Administrator, Class Counsel, and Defendants’ Counsel, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Class Counsel’s motion for attorneys’ fees and reimbursement of expenses and reimbursement to Plaintiff, must be filed with the Clerk of the Court and delivered to Class Counsel and Defendants’ Counsel such that they are received no later than August 1, 2024:

Clerk’s Office
United States District Court for the Southern District of California
Clerk of the Court
333 West Broadway, Suite 420
San Diego, CA 92101

Class Counsel
Pomerantz LLP
Jeremy A. Lieberman, Esq.
600 Third Avenue, 20th Floor
New York, NY 10016-1917

Defendants’ Counsel
Seltzer Caplan McMahon Vitek
Richard D. Gluck
750 B Street, Suite 2100
San Diego, CA 92101-8177

Please do not contact the Court, the Clerk’s office, Franklin, or its counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Class Counsel or the Claims Administrator.

Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:

POMERANTZ LLP
Jeremy Lieberman, Esq.
600 Third Ave., 20^th Floor
New York, NY 10016-1917
Telephone: 212-661-1100
jalieberman@pomlaw.com

Requests for the Notice and Claim Form should be made to:

Ali v. Franklin Wireless Corp.
c/o Epiq
PO Box 5380
Portland, OR 97228-5380
Tel: 1-877-723-2630

www.FranklinWirelessSettlement.com

By Order of the Court

SOURCE: Pomerantz LLP

URL: www.FranklinWirelessSettlement.com