Pomerantz LLP and Glancy Prongay & Murray LLP acted on behalf of the Plaintiffs.
The securities action has been brought on behalf of a class of defrauded investors concerning allegations related to the safety and commercial sustainability of Franklin Wireless Corp.’s Jetpack Hotspot mobile device.
Franklin Wireless is a provider of hardware and software products that support wireless connectivity for home, business, education and enterprise customers, including routers, modems and mobile hotspots such as Jetpack Hotspot mobile devices. The company imported Jetpack Hotspot devices and sold them in various stores, including Verizon Wireless stores and online at www.verizon.com, from April 2017 through March 2021.
Allegations against Franklin Wireless include that: (i) lithium-ion batteries in Jetpack Hotspot devices were prone to overheating, representing a fire hazard; (ii) as a result, it was likely that the Company’s customers, including Verizon Wireless, would issue a recall for the Jetpack Hotspot devices; and (iii) accordingly, Franklin Wireless’s proceeds from its sales to these customers were, at least in part, unsustainable and prone to future offset from product recalls.
The Pomerantz team was led by Jennifer Pafiti (Picture).
The Glancy Prongay & Murray LLP team included Pavithra Rajesh and Robert Vincent Prongay.