A lawsuit was filed on behalf of investors in Akers Biosciences, Inc. (NASDAQ: AKER) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 06/25/2018 -- An investor, who purchased shares of Akers Biosciences, Inc. (NASDAQ: AKER), filed a lawsuit over alleged violations of Federal Securities Laws by Akers Biosciences in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Akers Biosciences, Inc. (NASDAQ: AKER) have certain options and for certain investors are short and strict deadlines running. Deadline: August 13, 2018. NASDAQ: AKER investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff claims that between May 15, 2017 and June 5, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Akers Biosciences, Inc. was improperly recognizing revenue for the fiscal year ended December 31, 2017, that Akers Biosciences, Inc. had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses, and that 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.
Thorofare, NJ based Akers Biosciences, Inc., 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. Akers Biosciences, Inc. reported that its annual Total Revenue rose from over $2.96 billion in 2016 to over $3.92 billion in 2017 and that its Net Loss increased from over $3.3 billion in 2016 to over $5.8 billion in 2017.
On May 21, 2018, Akers Biosciences, Inc 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."
Those who purchased shares of Akers Biosciences, Inc. (NASDAQ: AKER) have certain options and should contact the Shareholders Foundation.
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