Franklin Access announces a legal victory with nominal damages awarded after shareholder litigation, clearing the way for future operations.
Quiver AI Summary
Franklin Access announced a significant legal victory in the shareholder litigation "In re Franklin Wireless Corp. Derivative Litigation," where a jury determined that the actions of the company's officers and directors caused only nominal damage. Despite the plaintiffs seeking over $110 million in damages, the jury awarded just $0.99 after a swift deliberation. Franklin's legal team represented the officers and directors during the eight-day trial. The resolution of this case allows management to concentrate on their core mission of providing innovative connectivity solutions without ongoing legal distractions.
Potential Positives
- Franklin Access achieved a legal victory by having the jury award only nominal damages of $0.99, significantly lower than the $110 million sought by plaintiffs.
- The resolution of the litigation provides certainty and clarity for the company moving forward, allowing management to refocus on their core mission.
- This outcome potentially enhances the company's reputation and stability by exonerating its officers and directors from significant legal liabilities.
- The successful conclusion of the case may positively impact investor confidence and market perception of the company's governance practices.
Potential Negatives
- The jury's finding of only nominal damages of $0.99 may suggest that the plaintiffs had a weak case, potentially leading to questions regarding the company's practices and governance during the relevant time period.
- Although the legal victory is presented positively, the fact that the company was involved in lengthy litigation seeking over $110 million in damages may create a negative perception of its operational stability and management decisions.
- The need for a legal battle and a trial indicates underlying issues that could distract the management from focusing on their business objectives in the future.
FAQ
What was the recent legal outcome for Franklin Access?
Franklin Access won a legal victory with the jury awarding nominal damages of $0.99 after an 8-day trial.
How much were the damages sought in the litigation?
Plaintiffs sought over $110 million in damages from Franklin Wireless officers and directors.
Which law firms represented Franklin’s officers and directors?
Lawyers Stephen M. Lobbin from SML Avvocati P.C. and Philip Tencer from TencerSherman LLP represented them.
What does this legal victory mean for Franklin Access?
The resolution provides clarity for the future, allowing management to focus on delivering innovative connectivity solutions.
Where can I find more information about Franklin Wireless?
For more information, visit FranklinAccess.com to explore their integrated solutions and offerings.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$FKWL Hedge Fund Activity
We have seen 8 institutional investors add shares of $FKWL stock to their portfolio, and 8 decrease their positions in their most recent quarter.
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- SMITH, MOORE & CO. added 30,042 shares (+214.6%) to their portfolio in Q3 2024
- HRT FINANCIAL LP removed 28,102 shares (-100.0%) from their portfolio in Q2 2024
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- JANE STREET GROUP, LLC removed 12,136 shares (-100.0%) from their portfolio in Q2 2024
- DIMENSIONAL FUND ADVISORS LP added 6,026 shares (+14.7%) to their portfolio in Q3 2024
- SUSQUEHANNA INTERNATIONAL GROUP, LLP removed 4,597 shares (-21.1%) from their portfolio in Q3 2024
- RENAISSANCE TECHNOLOGIES LLC added 3,100 shares (+6.1%) to their portfolio in Q3 2024
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Full Release
SAN DIEGO, Dec. 24, 2024 (GLOBE NEWSWIRE) -- Franklin Access is pleased to announce a significant legal victory in its shareholder litigation, “In re Franklin Wireless Corp. Derivative Litigation”, Case No. 21-cv-1837-BEN-MSB. On December 19th, 2024, following an 8-day jury trial, the U.S. District Court for the Southern District of California determined that the actions of the Franklin Wireless officers and directors during the relevant time period resulted in only nominal damage to the company.
Plaintiffs sought in excess of $110 million in damages from the officers and directors of the company. After less than a single day of deliberation, the jury reached its verdict and awarded nominal damages of $0.99. Franklin’s officers and directors were represented by lawyers Stephen M. Lobbin, of the law firm SML Avvocati P.C., and Philip Tencer, of TencerSherman LLP.
Resolution of this case ends a long and difficult time for the Company’s Officers and Directors, and provides certainty and clarity for the future. Management will now be free to focus on its mission to deliver innovative connectivity solutions without the distraction of litigation.
For more information about Franklin Wireless, visit FranklinAccess.com.
About Franklin Access
Franklin Wireless (FKWL) specializes in integrated solutions, leveraging 4G LTE and 5G technologies. From mobile device management to network management solutions, the company designs innovative connectivity solutions for the digital age. Explore more at FranklinAccess.com.
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Actual results may differ materially from those expressed or implied due to various factors.
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