Silver Law Group, a securities and investment fraud law firm announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Akers Biosciences, Inc. (Nasdaq: AKER) (“Akers” or the “Company”) securities during the period between May 15, 2017 and June 5, 2018, inclusive (the “Class Period”). Investors who wish to serve as a lead plaintiff in the litigation have until August 13, 2018 to seek appointment as lead plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Akers was improperly recognizing revenue for the fiscal year ended December 31, 2017, and it downplayed weaknesses in its internal controls over financial reporting.
According to the complaint, following a May 21, 2018 filing disclosing the Company’s continuing review of certain revenue recognition items, a May 29, 2018 press release announcing that a director had resigned, and a June 5, 2018 filing stating the previously filed Form 8-K made false statements regarding the director, the value of Akers shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Akers securities purchased on or after May 15, 2017 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Silver Law Group either by email at email@example.com or call toll-free at (800) 975-4345.
Akers originally went public in 2014. Aegis Capital Corp was Akers Bioscience lead underwriter raising approximately fourteen million dollars for the company. The stock currently trades at under 50 cents a share and the company’s market cap is under forty million dollars.
Attorneys at Silver Law Group have extensive experience in litigating securities and other class action cases as well as representing individual investors against brokerage firms in securities or FINRA arbitration claims. If you choose to retain counsel, you may retain Silver Law Group without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.