Franklin Wireless Responds to Verizon Jetpack Recall

Rhea-AI Summary

Franklin Wireless Corp. (NASDAQ: FKWL) has announced that Verizon Wireless is recalling its Jetpack Hotspot devices due to reported battery failures. There have been fewer than 20 reports of issues among over 2 million devices sold in the past three and a half years. The company is collaborating with manufacturing partners to investigate the root cause of these issues.

Positive

• Sales of over 2 million devices indicate strong market presence.
• Fewer than 20 reports of battery failures suggest minimal impact on overall performance.

Negative

• Voluntary recall may impact brand reputation.
• Ongoing investigation could lead to further operational disruptions.

Company has received reports of battery failure on some devices.

SAN DIEGO, April 09, 2021 (GLOBE NEWSWIRE) -- Franklin Wireless Corp. (NASDAQ: FKWL), a market leader in broadband data communications, has been notified that Verizon Wireless has issued a voluntary recall of its Jetpack Hotspot devices imported by Franklin. Franklin is continuing to work with its battery and device manufacturing partners to determine the cause and extent of the concerns. At this time, fewer than 20 reports of trouble have been received with over 2 million devices in sold over the last three and a half years.

About Franklin

Franklin Wireless Corp. (FKWL) is a leader in innovative hardware and software products that support smart tracking and the Internet of Things (IoT), as well as intelligent wireless broadband solutions including mobile hotspots, routers and modems. For more information, please visit www.franklinwireless.com.

Safe Harbor Statement:

Certain statements in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements, expressed or implied by such forward-looking statements.

Contact:
ir@franklinwireless.com

FAQ

What caused Verizon to recall Franklin Wireless devices?

Verizon issued a voluntary recall due to battery failure reports on Jetpack Hotspot devices.

How many devices were affected by the Franklin Wireless recall?

Fewer than 20 reports of battery issues have been received out of over 2 million sold.

What is the stock symbol for Franklin Wireless Corp.?

The stock symbol for Franklin Wireless Corp. is FKWL.

What is Franklin Wireless doing about the battery failures?

Franklin Wireless is working with its battery and device manufacturing partners to investigate the cause of the battery failures.