SAN DIEGO & THOROFARE, N.J.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Akers Biosciences, Inc. (NasdaqCM: AKER) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between May 15, 2017 and June 5, 2018. Akers, together with its subsidiaries, develops, manufactures, and supplies rapid screening and testing products designed to deliver healthcare information to healthcare providers and consumers in the United States, the People's Republic of China, and internationally.
View this information on the law firm's Shareholder Rights Blog:
Akers Accused of Improperly Recognizing Revenue for Fiscal Year 2017
According to the complaint, on May 21, 2018, Akers disclosed that it would be unable to file its Form 10-Q for the quarter ended March 31, 2018, as it was reviewing the characterization of certain revenue recognition items. Then, on May 29, 2018, Raymond F. Akers Jr. resigned as director of the company. On June 1, 2018, Akers filed a Form 8-K in which the company stated that Mr. Akers had not been fully cooperative with the company's review of revenue recognition items. On June 5, 2018, Akers filed a form 8-K/A containing a letter on behalf of Mr. Akers, which stated that the language in the 8-K regarding Mr. Akers was false, that Mr. Akers was a whistleblower, and that Mr. Akers' refusal to approve the 10-K for 2017 prompted the company's current revenue recognition investigation. Since news of Akers' troubles became public, Akers' stock fell nearly 30% to close at $0.46 per share on June 6, 2018.
Akers Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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