Franklin Wireless Corp.
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It is alleged in this complaint that on April 1, 2021, Franklin stated that it “ha[d] been notified of reports of battery issues in some of its wireless hotspot device” and that it was “working with its battery and device manufacturing partners and carrier customer to determine the cause and extent of the problem.” Then, on April 8, it was reported in the media that Verizon Wireless “is recalling 2.5 million hotspot devices after discovering that the lithium ion battery can overheat, creating a fire and burning hazard.” The “recall impacts Ellipsis Jetpack mobile hotspots imported by Franklin Wireless Corp and sold between April 2017 and March 2021.” The stock price fell 14% on this news, to close at $17.33 per share on April 8. 2021. Franklin announced the next day that Verizon “has issued a voluntary recall of its Jetpack Hotspot devices imported by Franklin.” Franklin’s stock price fell nearly 23% on this news, to close at $13.26 per share on April 9, 2021.