The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Reliq Health Technologies Inc. (Reliq or the Company) (OTC: RQHTF) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Reliq disclosed on October 16, 2018, that the Company decided to restate certain financial information reported for the quarter ended March 31, 2018. The Company claimed, the decision to restate followed a review conducted by the Companys 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. Reliq added, the material changes to be included in the restatement will affect the Companys revenue and are projected to increase the Companys loss and comprehensive loss for Fiscal Year 2018. In addition, the Companys Board of Directors have taken the position that no revenue will be reported for Q4 of fiscal 2018 until revenue collection issues are resolved. Based on this news, Reliq shares fell 55% the same day.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at [email protected].
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