Franklin Access (Formerly Franklin Wireless) Successfully Defends Shareholder Litigation

Rhea-AI Summary

Franklin Access (FKWL) has secured a significant legal victory in its shareholder litigation case 'In re Franklin Wireless Corp. Derivative Litigation'. On December 19th, 2024, following an 8-day jury trial in the U.S. District Court for the Southern District of California, the jury awarded nominal damages of just $0.99, despite plaintiffs seeking over $110 million in damages from the company's officers and directors.

The court determined that the actions of Franklin Wireless officers and directors during the relevant period resulted in only nominal damage to the company. This resolution ends a challenging period for the Company's Officers and Directors, allowing management to refocus on delivering innovative connectivity solutions without litigation distractions.

Positive

• Legal victory against $110 million shareholder lawsuit with minimal damages of $0.99
• Removal of significant legal uncertainty and litigation distraction for management
• Resolution allows management to refocus on core business operations

Negative

• Company incurred legal defense costs and management time dealing with litigation

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.

For media inquiries, please contact: marketing@franklinaccess.com

FAQ

What was the outcome of Franklin Access (FKWL) shareholder litigation in December 2024?

The jury awarded nominal damages of $0.99 against Franklin Access, despite plaintiffs seeking over $110 million in damages from the company's officers and directors.

How long did the FKWL shareholder litigation trial last?

The trial lasted 8 days in the U.S. District Court for the Southern District of California.

What was the amount of damages sought in the FKWL shareholder lawsuit?

The plaintiffs sought damages in excess of $110 million from Franklin Access's officers and directors.

How will the litigation outcome affect FKWL's business operations?

The resolution allows management to focus on delivering innovative connectivity solutions without the distraction of litigation.