The law firm of Kirby McInerney LLP is investigating potential claims against Akumin Inc. (“Akumin” or the “Company”) (NASDAQ: AKU). The investigation concerns whether Akumin and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
Akumin develops and manufactures aesthetic laser systems.
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.