NEW YORK, Feb. 07, 2018 (GLOBE NEWSWIRE) -- 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 classmember@whafh.com 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 classmember@whafh.com, or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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