Business Wire 10-Aug-2018 7:42 PM
Law Offices of Howard G. Smith reminds investors of the August 13, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Akers Biosciences, Inc. ("Akers" or the "Company") (NASDAQ: AKER) securities between May 15, 2017 and June 5, 2018, inclusive (the "Class Period"). Akers investors have until August 13, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Akers investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
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.
The complaint filed in this class action alleges that, 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.
If you purchased shares of Akers during the Class Period you may move the Court no later than August 13, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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