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Case Status:    SETTLED
On or around 07/02/2019 (Settlement preliminarily approval)

Filing Date: June 13, 2018

According to the Complaint, Akers Biosciences, Inc. ("Akers" or the "Company"), together with its subsidiaries, develops, manufactures, and supplies rapid screening and testing products designed to deliver healthcare information to healthcare providers and consumers in the United States, the People’s Republic of China, and
internationally.

On June 13, 2018, Plaintiff's law firm issued a press release announcing the lawsuit. The lawsuit alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Akers was improperly recognizing revenue for the fiscal year ended December 31, 2017; (2) Akers had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses; and (3) as a result, Defendants’ statements about Akers’ business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On November 21, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. The consolidated cases are to be captioned "In re Akers Biosciences, Inc. Securities Litigation."

On January 15, 2019, the parties advised the Court that they had reached a Settlement in principle and signed a term sheet. The Court stayed the case for 45 days. On March 8, the parties entered into a Stipulation and Agreement of Settlement. The Court issued an Order granting preliminary approval of the Settlement on July 2.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AKER
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. New Jersey
DOCKET #: 18-CV-10521
JUDGE: Hon. Esther Salas
DATE FILED: 06/13/2018
CLASS PERIOD START: 05/15/2017
CLASS PERIOD END: 06/05/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm (South Orange)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available