21 Jun 2018 07:00
June 21, 2018
Akers Biosciences, Inc.
Notification of Class Action
Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), ("Akers Bio" or the "Company"), a developer of rapid health information technologies, notes the recent press releases which state that class actions have been filed by various parties, purporting to seek to recover losses incurred by the Company's shareholders.
The Company confirms that it has now received a class action against the Company. The class action relates to the period May 15, 2017 to June 5, 2018.
The Company, along with co-defenders John Gormally and Gary Rauch, will vigorously defend these claims. The Company notes further press releases regarding other potential class action lawsuits which have not yet been served on the Company.
This follows SEC filings made by the Company between 21 May 2018 and yesterday, relating to, inter alia:
· the Company's delay in reporting the Company's 10-Q whilst it undertook a review of certain revenue recognition items, as filed on 21 May 2018;
· the notice of delinquency received by Nasdaq on 22 May 2018 in respect of the Company's 10-Q filing;
· the resignation of Raymond F. Akers, Jr. , Ph.D as filed on 25 May 2018;
· subsequent 8-K filings made by the Company on 1 June 2018 and 5 June 2018, relating to correspondence between Raymond F. Akers, Jr., Ph.D and the Company relating to reasons for his resignation, including assertions by Raymond F. Akers, Jr., Ph.D that he had raised concerns in relation to revenue recognition and correspondence by the Company stating that he had been uncooperative with investigations; and
· the 8-K filing made by the Company on 19 June 2018 stating that the Company's auditors had advised the Company's audit committee that the Company's reports for; the year ended 31 December 2017; the three months ended 30 September 2017; and the three months ended 30 June 2017 could not be relied upon.
The Company will make further announcements as and when appropriate.
For more information:
Akers Biosciences, Inc.
John J. Gormally, Chief Executive Officer
Tel. +1 856 848 8698
finnCap (UK Nominated Adviser and Broker)
Adrian Hargrave / Scott Mathieson (Corporate Finance)
Steve Norcross (Broking)
Tel. +44 (0)20 7220 0500
Vigo Communications (Global Public Relations)
Ben Simons / Fiona Henson
Tel. +44 (0)20 7390 0231
Email: akers@vigocomms.com
About Akers Biosciences, Inc.
Akers Bio develops, manufactures, and supplies rapid screening and testing products designed to deliver quicker and more cost-effective healthcare information to healthcare providers and consumers. The Company has advanced the science of diagnostics while responding to major shifts in healthcare through the development of several proprietary platform technologies. The Company's state-of-the-art rapid diagnostic assays can be performed virtually anywhere in minutes when time is of the essence. The Company has aligned with major healthcare companies and high volume medical product distributors to maximize product offerings, and to be a major worldwide competitor in diagnostics.
Additional information on the Company and its products can be found at www.akersbio.com. Follow us on Twitter @AkersBio.
Cautionary Statement Regarding Forward Looking Statements
This release included herein, and any statements of representatives and partners of the Company related thereto contain, or may contain, among other things, certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company's plans, objectives, projections, expectations and intentions and other statements identified by words such as "projects," "may," "will," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential" or similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. Actual results (including, without limitation the timing for and results of the Company's pending restatement, including the actual amounts deferred and recognized once such amounts are subject to audit) may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.