Akers Biosciences, Inc.
| Company Name | Akers Biosciences, Inc. |
| Stock Symbol | AKER |
| Class Period | May 15, 2017 to June 05, 2018 |
| Lead Plaintiff Motion Deadline | August 13, 2018 |
On May 21, 2018, Akers 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.” On this news, shares of Akers fell $0.058 or over 8% to close at $0.599 on May 22, 2018.
Then on May 29, 2018, Akers issued a press release stating that “Raymond F. Akers Jr., Ph.D has resigned as a director of the Company with immediate effect.” On this news, shares of Akers fell $0.198 or over 33% to close at $0.391 on May 29, 2018, thereby injuring investors.
On June 1, 2018, the Company filed a Form 8-K with the SEC, stating that Raymond Akers “has not been fully cooperative” with the Company’s review of certain revenue recognition items for prior quarters. That Form 8-K also contained a letter as an exhibit from Raymond Akers which stated that Dr. Akers “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.”
On June 5, 2018, the Company filed a Form 8-K/A with the SEC, which amended the Form 8-K filed with the SEC on June 1, 2018. The Form 8-K/A contained as an exhibit a letter on behalf of Raymond Akers, stating that the “8K regarding Ray is false, totally misleading[.]”
On this news, shares of Akers fell $0.025 or over 5% to close at $0.46 per share on June 6, 2018.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Akers was improperly recognizing revenue for the fiscal year ended December 31, 2017; (2) Akers had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses; and (3) 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.
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