NEW YORK, July 09, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities who purchased or otherwise acquired Akers Biosciences, Inc. AKER ("Akers" or the "Company") securities between May 15, 2017 and June 5, 2018 (the "Class Period"), inclusive.
Investors who have incurred losses in shares of Akers Biosciences, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Akers Biosciences, Inc., you may, no later than August 13, 2018, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Akers Biosciences, Inc.
The filed complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that
- Akers was improperly recognizing revenue for the fiscal year ended December 31, 2017;
- Akers downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses; and
- 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.
On May 21, 2018, Akers announced that it was unable to file its Form 10-Q quarterly report with the United States Securities and Exchange Commission (SEC) for the period ending March 31, 2018. The Company added that its internal review had 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 after 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."
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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