Pomerantz LLP is investigating claims on behalf of investors of Akers Biosciences, Inc. ("Akers" or the "Company"). The investigation concerns whether Akers and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 21, 2018, Akers announced that it was unable to timely file its quarterly report for the first quarter of 2018 with the U.S. Securities and Exchange Commission ("SEC"), citing a continuing review of the "characterization of certain revenue recognition items". On this news, Akers's share price fell $0.06, or 8.93%, to close at $0.60 on May 22, 2018. On May 29, 2018, Akers issued a press release announcing the resignation of Akers's founder, Dr. Raymond F. Akers Jr., Ph.D., as a director of the Company. On this news, Akers's share price fell $0.20, or 33.58%, to close at $0.39 on May 29, 2018.
On June 1, 2018, Akers filed a current report on Form 8-K with the SEC, stating that Dr. Akers "has not been fully cooperative" with the Company's review of certain revenue recognition items. Then, on June 5, 2018, Akers filed a Form 8-K/A, amending the current report filed on June 1, 2018, and appending as an exhibit a letter on behalf of Dr. Akers, signed by the law firm Bochetto & Lentz, P.C. The letter asserted, in part, that the Company's earlier characterization of Dr. Akers as "uncooperative" was "false", "totally misleading", and "utterly disingenuous". On this news, Akers's share price fell $0.03, or 5.07%, to close at $0.46 on June 6, 2018.