BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of investors of Applied DNA Sciences Inc. (“Applied DNA Sciences” or the “Company”) (Nasdaq: APDN) concerning the Company’s and its officers’ possible violations of federal securities laws.
On October 29, 2015, Seeking Alpha published a report alleging that the Company “has spent 6.6x more on insider compensation than R&D” and “is now facing imminent insolvency.” The report also accuses the Company of engaging in fraudulent accounting practices involving a “Valeant-esque” relationship with a “questionably opaque” UK company called Patronus Systems Ltd.
On this news, Applied DNA Sciences shares fell as much as 60% during intra-day trading on October 29, 2015, thereby injuring investors.
If you purchased Applied DNA Sciences securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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