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
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.