LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Akers Biosciences, Inc. ("Akers" or the "Company") (NASDAQ: AKER) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. On May 21, 2018, Akers announced that it was unable to file its Form 10-Q quarterly report with the SEC for the period ending March 31, 2018. The Company added that its internal review has expanded to include the “characterization of certain revenue recognition items . . . now includes certain transactions in previous quarters.” On May 22, 2018, shares of Akers fell more than 8% based on this news. On May 29, 2018, Akers announced that “Raymond F. Akers Jr., Ph.D. has resigned as a director of the Company with immediate effect.” Akers shares fell 33% the same day based on this announcement. On June 1, the Company released a letter to the SEC from Dr. Raymond Akers stating that he “resigned from the Board of Directors due to significant differences regarding the policies and practices of the Board of Directors, accounting and business practices of Management, and new Counsel.”
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