The Law Offices of Frank R. Cruz Announces Investigation of Akumin Inc. (AKU) on Behalf of Investors
The Law Offices of Frank R. Cruz announces an investigation of Akumin Inc. ("Akumin" or the "Company") (NASDAQ: AKU) on behalf of investors concerning the Company's possible violations of federal securities laws.
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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 Company's share pice fell $0.47, or 16%, to close at $2.46 per share on August 16, 2021, thereby injuring investors.
Then, on October 12, 2021, before the market opened, 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 at 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 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 this news, the Company's share price fell $0.12, or 4.7%, to close at $2.44 per share on October 12, 2021, thereby injuring investors.
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If you purchased Akumin securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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