Ekso Bionics Holdings, Inc. [NASDAQ: EKSO]
Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Ekso Bionics Holdings, Inc.
Oklahoma City, OK (January 14, 2018) – On January 2, 2018, a securities class action lawsuit was filed in the United States District Court for the Eastern District of New York against Ekso Bionics Holdings, Inc. (NASDAQ: EKSO). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is March 15, 2017 through December 27, 2017. More specifically, this litigation was filed because defendants made false and/or misleading statements and/or failed to disclose during the Class Period that: (1) there was a material weakness in Ekso’s internal control over financial reporting and Ekso’s disclosure controls and procedures were not effective; and (2) as a result, Defendants’ 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 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 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.
Plaintiff seeks to recover damages on behalf of all Ekso Bionics Holdings, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, March 5, 2018 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to rkh@federmanlaw.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.