Ekso Bionics Holdings, Inc. (EKSO) Accused of Implementing Unreliable Internal Controls

According to the complaint, Ekso Bionics Holdings, Inc. (EKSO) repeatedly attested to the accuracy of the company's financial reporting, the disclosure of any material changes to its internal controls over financial reporting, and the disclosure of all fraud in its public filings.  It therefore came as a surprise to investors when Ekso disclosed on December 14, 2017, that its internal control over financial reporting as of December 31, 2016 should not be relied upon.  Ekso cited a reevaluation of the company's information technology controls by the company's auditor.  On December 27, 2017, Ekso filed its amended annual report for 2016 and amended quarterly reports for the first three quarters of 2017.  Since news of Ekso's financial troubles became public, the company's stock declined over 24%, closing at $1.83 per share on March 9, 2018.

Purchasers of Ekso Bionics Holdings, Inc. (EKSO) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between March 15, 2017 and December 27, 2017.

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