Applied DNA Sciences Inc (NASDAQ:APDN) Investor Investigation Concerning Securities Laws Violations Announced

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Company Name(s): 
Applied DNA Sciences
Affected Securities: 
NASDAQ: APDN

November 03, 2015 (Shareholders Foundation) - An investigation on behalf of investors of Applied DNA Sciences Inc (NASDAQ:APDN) shares over potential securities laws violations by Applied DNA Sciences and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Applied DNA Sciences Inc (NASDAQ:APDN) concerning whether a series of statements by Applied DNA Sciences regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Applied DNA Sciences Inc reported that its Total Revenue rose from $2.04 million for the 12 months period that ended on September 30, 2013 to $2.72 million for the 12 months period that ended on September 30, 2014 and that its respective Net Loss declined from $17.69 million to $13.07 million. Shares of Applied DNA Sciences Inc (NASDAQ:APDN) grew from $2.32 per share in May 2015 to as high as $8.82 per share on October 19, 2015.

Then on October 29, 2015, a report was published alleging that Applied DNA Sciences Inc “has spent 6.6x more on insider compensation than R&D” and “is now facing imminent insolvency.” The report also accuses Applied DNA Sciences Inc of engaging in fraudulent accounting practices involving a “Valeant-esque” relationship with a “questionably opaque” UK company called Patronus Systems Ltd.

Shares of Applied DNA Sciences Inc (NASDAQ:APDN) dropped on October 29, 2015 to as low as $2.74 per share.