AKERS LEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Akers Biosciences, Inc. To Contact The Firm

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Aug 03, 2018, 16:23 ET

NEW YORK, Aug. 3, 2018 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Akers Biosciences, Inc. ("Akers" or the "Company") (NASDAQ: AKER) of the August 13, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Akers stock or options between May 15, 2017 and June 5, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/AKER. There is no cost or obligation to you.

You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].

CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26^th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
[email protected]
Telephone: (877) 247-4292 or (212) 983-9330

The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Akers securities between May 15, 2017 and June 5, 2018 (the "Class Period"). The case, Faulkner v. Akers Biotechnologies, Inc. et al., No. 18-cv-10521 was filed on June 13, 2018.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements and/or failed to disclose that: (i) Akers was improperly recognizing revenue for the fiscal year ended December 31, 2017; (ii) Akers had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses; and (iii) consequently, Aker's statements about the Company's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Specifically, on May 21, 2018, Akers revealed both that it would delay filing its Form 10-Q with the SEC for the quarter ended March 31, 2018 and that it would continue reviewing the "characterization of certain revenue recognition items . . . now include[ing] certain transactions in previous quarters."

After the announcement, Aker's share price fell from $0.657 per share on May 21, 2018 to a closing price of $0.599 on May 22, 2018—a $0.058 or 8.82% drop.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Aker's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

SOURCE Faruqi & Faruqi, LLP