NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Reliq Health Technologies Inc. (OTC: RQHTF) resulting from allegations that Reliq may have issued materially misleading business information to the investing public.
On October 16, 2018, Reliq disclosed that it “decided to restate certain financial information reported for the quarter ended March 31, 2018.” Reliq stated that “[t]he decision to restate followed a review conducted by the Company’s auditor and Audit Committee, wherein it was determined that the timing and certainty of receiving the revenue invoiced to clients is substantially unclear, due to clients’ issues with securing reimbursement from the payor.” Reliq further disclosed that “[t]he material changes to be included in the restatement will affect the Company’s revenue and are projected to increase the Company’s loss and comprehensive loss for Fiscal Year 2018. In addition, the Company’s Board of Directors have taken the position that no revenue will be reported for Q4 of fiscal 2018 until revenue collection issues are resolved.” On this news, shares of Reliq stock fell $0.32 or over 55% to close at $0.26 per share on October 16, 2018.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Reliq investors. If you purchased shares of Reliq please visit the firm’s website at https://www.rosenlegal.com/cases-1432.html to join the class action. You may also contact Phillip Kim or Zachary Halper of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or zhalper@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013.
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