NEW YORK, June 13, 2018 /PRNewswire/ -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Akers Biosciences, Inc. ("Akers" or the "Company") (NASDAQ: AKER) between May 15, 2017 and June 5, 2018, both dates inclusive (the "Class Period"). The lawsuit seeks to recover Akers shareholders' investment losses.
To join the Akers class action, and/or if you have information relating to this matter, please visit our AKERS SHAREHOLDER PAGE or contact Daniel Sadeh toll free at (877) 779-1414 or firstname.lastname@example.org.
According to the lawsuit, 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
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.
Then, 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."
If you wish to serve as lead plaintiff, you must move the Court no later than August 13, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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