TORONTO, Oct. 22, 2021 /CNW/ - Rochon Genova LLP and
KND Complex Litigation announce that a class action lawsuit has
been commenced against Akumin Inc. (TSE: AKU) (NASDAQ: AKU) and
certain of its directors and officers on behalf of investors.
The lawsuit alleges that the defendants released financial
statements containing misrepresentations in violation of applicable
accounting standards, which failed to present fairly, in all
material respects, the financial position of Akumin, the results of
its operations and/or its cash flows. The action seeks to
recover damages on behalf of the investors.
On August 16, 2021, Akumin
reported that it would delay filing its financial disclosures for
the second quarter of 2021 as its management and external auditors
had determined that additional information and analysis were
necessary to complete the preparation and review of those financial
statements. According to the report, the additional
information and analysis related to potential additional credit
losses with respect to prior years.
On October 12, 2021, Akumin
reported that it had identified accounting errors in its financial
statements for current and past reporting periods affecting its
accounts receivable. As a result, Akumin disclosed that it
was required to restate and make other adjustments to its (i)
annual financial statements for the period ended December 31, 2020 and December 31, 2019; and (ii) interim financial
statements for the period ended March 31,
2021, in each case together with their related management's
discussion and analysis. According to the report, Akumin expects
that the changes would result in an accounts receivable balance as
at June 30, 2021 of between
$65.0 million and $70.0 million as compared to Akumin's previously
reported March 31, 2021 accounts
receivable balance of $95.9
million.
On these announcements, the value or market price of Akumin's
securities plummeted.
For further information, please contact Counsel at the
information below:
Sage
Nematollahi
KND Complex
Litigation
1186 Eglinton Avenue
West
Toronto, ON M6C
2E3
sn@knd.law
www.knd.law
|
Golnaz
Nayerahmadi
Rochon Genova LLP
Suite 900, 121 Richmond Street West
Toronto, ON M5H 2K1
gnayerahmadi@rochongenova.com
www.rochongenova.com
|
SOURCE KND Complex Litigation