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Jan 11, 2018 6:10 PM ET

IMPORTANT EKSO BIONICS HOLDINGS, INC. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of investors who suffered losses in Ekso Bionics Holdings, Inc.

Legal Newswire iCrowdNewswire - Jan 11, 2018

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.

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Contact Information:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

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