secwatch.observer — SEC 8-K summary
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Issuer:     FRANKLIN WIRELESS CORP (FKWL)
CIK:        0000722572
Form:       8-K
Filed at:   2024-06-14T23:59:59+00:00
Accession:  0001683168-24-004248
Event type: litigation
Sentiment:  negative
Materiality: 0.65
Item codes: 1.01
LLM model:  deepseek-v4-flash:cloud@v2

Franklin Wireless settles Section 16(b) derivative suit; CEO to pay $1M, company to pay $550K
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- Jury verdict in February 2024 awarded plaintiff $2M for CEO OC Kim's short-swing profits.
- Settlement dated June 12, 2024: CEO Kim pays Franklin $1M; Franklin pays plaintiff's attorneys $550K.
- CEO will dismiss his appeal; mutual releases among parties.
- Case: Nosirrah Management v. Franklin Wireless et al., S.D. Cal. (Case 3:21-cv-01316-CAB-JLB).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/722572/000168316824004248/0001683168-24-004248-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/722572/000168316824004248/franklin_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-24-004248

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer