Akers Biosciences, Inc. (NASDAQ: AKER) Investor Securities Class Action Lawsuit 06/13/2018

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Company Name(s): 
Akers Biosciences
Case Name: 
Akers Biosciences Shareholder Class Action Lawsuit 06/13/2018
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: AKER
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/13/2018
Class Period Begin: 
05/15/2017
Class Period End: 
06/05/2018
Court of Filing: 
U.S. District Court for the District of New Jersey
Deadline To File for Lead: 
08/13/2018
Date Settled: 
07/02/2019
Settlement Amount: 
$2,250,000
Deadline to Participate in Settlement: 
10/09/2019
Summary: 

July 02, 2019 - The court preliminarily approved the settlement.

March 08, 2019 - Parties filed a stipulation of settlement.

An investor in shares of Akers Biosciences, Inc. (NASDAQ: AKER) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Akers Biosciences in connection with certain allegedly false and misleading statements made between May 15, 2017 and June 5, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Akers Biosciences, Inc. (NASDAQ: AKER) common shares between May 15, 2017 and June 5, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between May 15, 2017 and June 5, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Akers Biosciences, Inc. was improperly recognizing revenue for the fiscal year ended December 31, 2017, that Akers Biosciences, Inc. had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses, and that 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.

Thorofare, NJ based Akers Biosciences, Inc., together with its subsidiaries, develops, manufactures, and supplies rapid screening and testing products designed to deliver healthcare information to healthcare providers and consumers in the United States, the People's Republic of China, and internationally. Akers Biosciences, Inc. reported that its annual Total Revenue rose from over $2.96 billion in 2016 to over $3.92 billion in 2017 and that its Net Loss increased from over $3.3 billion in 2016 to over $5.8 billion in 2017.

On May 21, 2018, Akers Biosciences, Inc disclosed it was unable to file its Form 10-Q with the SEC for the quarter ended March 31, 2018 and that its continuing review of the “characterization of certain revenue recognition items . . . now includes certain transactions in previous quarters.”

Shares of Akers Biosciences, Inc. (NASDAQ: AKER) declined to as low as $0.314 per share on May 30, 2018.

On June 13, 2018, NASDAQ: AKER shares closed on $0.404 per share.