Zevra Therapeutics, Inc.
Case Overview
Status: | Status: Investigating |
Company Name: | Company Name: Zevra Therapeutics, Inc. |
Ticker: | Ticker: ZVRA |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP is investigating potential claims against Zevra Therapeutics, Inc. (“Zevra” or the “Company”) (NASDAQ: ZVRA). The investigation concerns whether Zevra and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
On March 29, 2024, Zevra filed a Current Report on Form 8-K with the Securities and Exchange Commission (“SEC”) which revealed that, on March 25, 2024, the Audit Committee of the Company’s Board of Directors concluded that the Company’s previously issued audited consolidated financial statements for the fiscal years ended December 31, 2022 and December 31, 2021, should no longer be relied upon as the Company had not appropriately accounted for certain common stock warrants as liabilities.
In addition, the Company stated that it had concluded that the previously disclosed errors led to misstatements of fair value adjustment in the Company’s Quarterly Reports for the quarterly periods ended March 31, 2022, June 30, 2022, September 30, 2022, March 31, 2023, June 30, 2023 and September 30, 2023 (the “Prior Interim Financial Statements”). On March 25, 2024, the Audit Committee concluded that the Prior Interim Financial Statements should no longer be relied upon. On this news, the price of Zevra shares declined by $0.64 per share, or approximately 11.03%, from $5.80 per share on March 28, 2024 to close at $5.16 per share on April 1, 2024
On March 29, 2024, Zevra filed a Current Report on Form 8-K with the Securities and Exchange Commission (“SEC”) which revealed that, on March 25, 2024, the Audit Committee of the Company’s Board of Directors concluded that the Company’s previously issued audited consolidated financial statements for the fiscal years ended December 31, 2022 and December 31, 2021, should no longer be relied upon as the Company had not appropriately accounted for certain common stock warrants as liabilities.
In addition, the Company stated that it had concluded that the previously disclosed errors led to misstatements of fair value adjustment in the Company’s Quarterly Reports for the quarterly periods ended March 31, 2022, June 30, 2022, September 30, 2022, March 31, 2023, June 30, 2023 and September 30, 2023 (the “Prior Interim Financial Statements”). On March 25, 2024, the Audit Committee concluded that the Prior Interim Financial Statements should no longer be relied upon. On this news, the price of Zevra shares declined by $0.64 per share, or approximately 11.03%, from $5.80 per share on March 28, 2024 to close at $5.16 per share on April 1, 2024