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Reliq Health Technologies Inc.
Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, is investigating potential securities fraud claims on behalf of shareholders of Reliq Health Technologies Inc. (OTCQB: RQHTF) resulting from allegations that Reliq and/or its executives may have issued materially misleading business information to the investing public.
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RELIQ LOSSES ALERT: BERNSTEIN LIEBHARD LLP ANNOUNCES INVESTIGATION OF RELIQ HEALTH TECHNOLOGIES, INC. – RQHTF
October 16, 2018.
New York, New York—Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, is investigating potential securities fraud claims on behalf of shareholders of Reliq Health Technologies Inc. (“Reliq” or the “Company”) (OTCQB: RQHTF) resulting from allegations that Reliq and/or its executives may have issued materially misleading business information to the investing public.
On October 16, 2018, Reliq disclosed “that it has decided to restate certain financial information reported for the quarter ended March 31, 2018.” The Company stated that “[t]he decision to restate followed a review conducted by the Company’s auditor and Audit Committee, wherein it was determined that the timing and certainty of receiving the revenue invoiced to clients is substantially unclear, due to clients’ issues with securing reimbursement from the payor.” The Company further revealed that “[t]he material changes to be included in the restatement will affect the Company’s revenue and are projected to increase the Company’s loss and comprehensive loss for Fiscal Year 2018. In addition, the Company’s Board of Directors have taken the position that no revenue will be reported for Q4 of fiscal 2018 until revenue collection issues are resolved.”
On this news, Reliq stock fell $0.32 per share, or over 55%, from its previous closing price to close at $0.25 per share on October 16, 2018, damaging investors.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.