NEW YORK–(BUSINESS WIRE)–#A–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Akumin Inc. (“Akumin” or the “Company”) (NASDAQ: AKU) on behalf of Akumin stockholders. Our investigation concerns whether Akumin has violated the federal securities laws and/or engaged in other unlawful business practices.
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On Sunday, August 15, 2021, Akumin announced that it would not file its financial report for the period ended June 30, 2021 on time because the Company required “additional information and analysis relate[d] to potential additional credit losses with respect to prior years.” On this news, the price of Akumin shares declined by $0.47 per share, or approximately 16.04%, from $2.93 per share to close at $2.46 on August 16, 2021.
On October 12, 2021, Akumin disclosed that it “identified issues in the recording of write-offs and cash collections on acquired accounts receivable balances impacting current and prior periods.” The Company also disclosed that “estimates of historical implicit price concessions and expected collection rates were not reflective of the actual cash collections which were occurring and Akumin has determined that a material change to historical implicit price concessions recorded as of January 1, 2019, December 31, 2019 and December 31, 2020 is required.” As a result, the Company disclosed it would have to restate certain filings and that the restatements “will result in an accounts receivable balance as of 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 this news, the price of Akumin shares declined by $0.25 per share, or approximately 10.25%, from $2.44 per share to close at $2.19 on October 13, 2021.
If you purchased or otherwise acquired Akumin shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at email@example.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.