NEW YORK, June 14, 2018 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Akers Biosciences, Inc. ("Akers" or the "Company") (NASDAQ: AKER) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Akers securities between May 15, 2017 through June 5, 2018, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/aker.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made materially 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) consequently, defendants' statements about Akers' business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On May 21, 2018, Akers revealed that it would delay filing its Form 10-Q with the SEC for the quarter ended March 31, 2018 and that will continue reviewing the "characterization of certain revenue recognition items . . . now includes certain transactions in previous quarters." Following this news, Akers stock dropped $0.058 per share or over 8% to close at $0.599 per share on May 22, 2018.
On May 29, 2018, Akers announced that "Raymond F. Akers Jr., Ph.D. has resigned as a director of the Company with immediate effect." Following this news, Akers stock dropped $0.198 per share or over 33% to close at $0.391 on May 29, 2018.
Then on June 1, 2018, Akers filed a letter with the SEC from Raymond Akers that said 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."
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/aker or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Akers you have until August 13, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
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