EKSO Bionics Holdings, Inc. (Nasdaq: ESKO)
A class action lawsuit has been filed against EKSO Bionics Holdings, Inc. (“Ekso” or the “Company”) (EKSO). The class action, filed in United States District Court for the Northern District of California, is on behalf of investors who purchased or otherwise acquired the securities of EKSO Bionics Holdings, Inc. between March 15, 2017 and December 27, 2017, both dates inclusive (the “Class Period”).
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
Ekso had a material weakness in its internal control over financial reporting;
accordingly, Ekso’s disclosure controls and procedures were not effective; and
as a result of the foregoing, Ekso’s public statements were materially false and misleading at all relevant times. On December 14, 2017, Ekso filed a current report on Form 8-K with the Securities and Exchange Commission (SEC) advising investors that “the Company’s internal control over financial reporting as of December 31, 2016, should no longer be relied upon and that a material weakness in the Company’s internal control over financial reporting existed as of such date.”
Specifically, Ekso stated that its announcement was due to a reevaluation of the Company’s information technology (“IT”) controls by OUM & Co. LLP (“OUM”), the Company’s outside auditor. Ekso stated that it intended “to amend our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and our Quarterly Reports on Form 10-Q for the periods ended March 31, 2017, June 30, 2017 and September 30, 2017 to reflect the conclusion by management that there was a material weakness in internal control over financial reporting and that our disclosure controls and procedures were not effective as of the end of the periods covered by these reports.” On this news, Ekso’s share price fell $0.15, or 6.17%, to close at $2.28 on December 15, 2017.
Subsequently, on December 27, 2017, after the close of trading, Ekso filed an amended annual report for 2016 and amended quarterly reports for the first three quarters of 2017 on Form 10-Q.
If you are a current shareholder and purchased stock between March 15, 2017 and December 27, 2017, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
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