BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Akers Biosciences, Inc. (“Akers” or the “Company”) (NASDAQ: AKER) securities between May 15, 2017 through June 5, 2018, inclusive (the “Class Period”). Akers investors have until August 13, 2018 to file a lead plaintiff motion.
Investors that suffered losses on their Akers investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On May 21, 2018, Akers disclosed it was unable to file its Form 10-Q with the SEC for the quarter ended March 31, 2018 and that its continuing review of the “characterization of certain revenue recognition items . . . now includes certain transactions in previous quarters.” On this news, shares of Akers fell $0.058 or over 8% to close at $0.599 on May 22, 2018.
Then on May 29, 2018, Akers issued a press release stating that “Raymond F. Akers Jr., Ph.D has resigned as a director of the Company with immediate effect.” On this news, shares of Akers fell $0.198 or over 33% to close at $0.391 on May 29, 2018, thereby injuring investors.
The complaint filed in this class action alleges that, defendants made false and/or misleading statements and/or failed to disclose that: (1) Akers was improperly recognizing revenue for the fiscal year ended December 31, 2017; (2) Akers had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses; and (3) as a result, defendants’ statements about Akers’ business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased shares of Akers during the Class Period, 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 email@example.com, or visit our website at www.howardsmithlaw.com.
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