NEW YORK, June 20, 2018 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP is investigating potential securities fraud claims on behalf of shareholders of Akers Biosciences, Inc. (“Akers” or the “Company”) (NASDAQ:AKER). If you purchased Akers securities, and/or have information relating to this matter, please visit our AKERS SHAREHOLDER PAGE or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
On May 21, 2018, during aftermarket hours, Akers revealed that its ongoing review of the characterization of certain revenue recognition items for the quarter ended March 31, 2018 “now includes certain transactions in previous quarters.” As a result, Akers stated that “the Company is unable to file its 10-Q for the quarter ended March 31, 2018 today.”
On this news, Akers’ stock fell $0.058 per share, or over 8%, from its previous closing price to close at $0.599 per share on May 22, 2018.
On May 29, 2018, Akers revealed “that Raymond F. Akers Jr., Ph.D has resigned as a director of the Company with immediate effect.”
On this news, Akers’ stock fell $0.263 per share, or over 44%, over two consecutive trading days to close at $0.326 per share on May 30, 2018.
On June 1, 2018, Akers filed a Form 8-K with the SEC attaching a letter from Raymond Akers to the Company. In the letter, Mr. Akers stated that “I have 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. I believe this to be in the best interests of the Company, shareholders, and me.”
On June 5, 2018, during aftermarket hours, Akers filed a Form 8-K with the SEC attaching a letter from Raymond Akers’ lawyer to the Company. The letter stated that “Ray is a whistleblower; the only reason there is an investigation regarding revenue recognition is because Ray refused to approve the 10K for 2017 and demanded an investigation.”
On this news, Akers’ stock fell $0.025 per share, or over 5%, from its previous closing price to close at $0.46 per share on June 6, 2018.
Finally, on June 19, 2018, during aftermarket hours, Akers announced “that certain 2017 revenue transactions did not qualify for revenue recognition under generally accepted accounting principles,” and “that the following previously filed financial statements of the Company should not be relied upon”:
- The Company’s audited consolidated financial statements for the fiscal year ended December 31, 2017;
- The Company’s unaudited financial statement for the quarterly period ended September 30, 2017; and
- The Company’s unaudited financial statement for the quarterly period ended June 30, 2017.
On this news, Aker’s stock fell during intraday trading on June 20, 2018.
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Contact Information
Daniel Sadeh
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
[email protected]