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:www.robbinsarroyo.com/akers-biosciences-inc
Akers Accused of Improperly Recognizing Revenue for Fiscal Year
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.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180618006208/en/