Akers Biosciences, Inc.

Akers (AKER) Accused of Improperly Recognizing Revenue for Fiscal Year 2017

According to the complaint, on May 21, 2018, Akers (AKER) disclosed that it would be unable to file its Form 10-Q for the quarter ended March 31, 2018, as it was reviewing the characterization of certain revenue recognition items. Then, on May 29, 2018, Raymond F. Akers Jr. resigned as director of the company. On June 1, 2018, Akers filed a Form 8-K in which the company stated that Mr. Akers had not been fully cooperative with the company’s review of revenue recognition items. On June 5, 2018, Akers filed a form 8-K/A containing a letter on behalf of Mr. Akers, which stated that the language in the 8-K regarding Mr. Akers was false, that Mr. Akers was a whistleblower, and that Mr. Akers’ refusal to approve the 10-K for 2017 prompted the company’s current revenue recognition investigation. Since news of Akers’ troubles became public, Akers’ stock fell nearly 30% to close at $0.46 per share on June 6, 2018.

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