NEW YORK, July 7, 2018 /CNW/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Akers Biosciences, Inc. ("Akers" or the "Company") (NASDAQ: AKER) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, and docketed under 18-cv-10805, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Akers between May 15, 2017, through June 5, 2018, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Akers securities between May 15, 2017, and June 5, 2018, both dates inclusive, you have until August 6, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Akers Biosciences, Inc. develops, manufactures, and supplies rapid screening and testing products designed to deliver healthcare information to healthcare providers and consumers. The company also focuses on the development of proprietary platform technologies.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Akers was improperly recognizing revenue for the fiscal year ended December 31, 2017; (ii) Akers had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses; and (iii) 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.
On May 21, 2018, Akers disclosed in a Form 8-K filed with the SEC that it was unable to file its Form 10-Q with the SEC for the quarter ended March 31, 2018. Akers also disclosed 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 per share or over 8% to close at $0.599 per share on May 22, 2018, damaging investors.
On May 29, 2018, before the market opened, 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 per share on May 29, 2018.
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. The 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 [Raymond Akers] 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 Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP