Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, April 08, 2024 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises Zevra Therapeutics, Inc. (“Zevra” or the “Company”) (NASDAQ: ZVRA) investors that the law firm has initiated an investigation on behalf of investors that lost money on their Zevra stock. Zevra investors are encouraged to contact the firm to discuss their legal rights.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On March 29, 2024, Zevra submitted a Current Report on Form 8-K to the United States Securities and Exchange Commission. This report disclosed that on March 25, 2024, Zevra’s Audit Committee, in collaboration with the company’s senior management and independent accountants, determined that the financial statements for the fiscal years ending December 31, 2022, and December 31, 2021, as presented in the Annual Report on Form 10-K for the year ended December 31, 2022, should no longer be considered accurate. This conclusion was reached during the preparation of the Annual Report for the fiscal year ended December 31, 2023, when the Audit Committee recognized errors in the accounting of certain common stock warrants as liabilities in previous years.
These inaccuracies resulted in the understatement of liabilities related to derivatives and warrants, as well as discrepancies in additional paid-in capital and the valuation of derivative and warrant liabilities over the affected periods. Furthermore, Zevra acknowledged that these errors led to misstatements in the valuation adjustments related to derivatives and warrants, liabilities, additional paid-in capital, and accumulated deficit as reported in the unaudited condensed consolidated balance sheets and income statements included in the Quarterly Reports on Form 10-Q for the quarters ending March 31, 2022, June 30, 2022, September 30, 2022, March 31, 2023, June 30, 2023, and September 30, 2023. Consequently, on March 25, 2024, the Audit Committee, after discussions with the management and accountants, concluded that these interim financial statements were unreliable.
Following this announcement, Zevra’s share price dropped by $0.64, or 11.03%, to close at $5.16 on April 1, 2024, the subsequent trading day.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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