Articles Tagged with scott silver Akers Biosciences

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.