Lead Plaintiff Deadline is March 5, 2018
NEW YORK, — Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against EKSO Bionics Holdings, Inc. (“Ekso” or the “Company”) (NASDAQ: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”).
Investors who have incurred losses in Ekso Bionics Holdings, Inc. are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Ekso Bionics Holdings, Inc. and would like to assist with the litigation process as a lead plaintiff, you may, no later than March 5, 2018, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Ekso Bionics Holdings, Inc.
Ekso Bionics Holdings, Inc. designs, develops, and sells exoskeletons for use in the healthcare, industrial, military, and consumer markets in North America, Europe, the Middle East, and Africa. The Company operates through Medical Devices, Industrial Sales, and Engineering Services segments. It primarily offers Ekso GT, a bionic suit that provides the ability to stand and walk over ground to individuals with spinal cord injuries, hemiplegia, and lower limb paralysis or weakness.
The filed 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.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.