NEW YORK, April 25, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Reviva Pharmaceuticals Holdings, Inc. (“Reviva” or the “Company”) (NASDAQ: RVPH) on behalf of Reviva stockholders. Our investigation concerns whether Reviva has violated the federal securities laws and/or engaged in other unlawful business practices.
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On April 15, 2024, Revival disclosed in a filing with the U.S. Securities and Exchange Commission that “[o]n April 12, 2024, the Audit Committee . . . of the Board of Directors . . . concluded that the Company’s previously issued financial statements for the fiscal year ended December 31, 2022 included in its Annual Report on Form 10-K, the interim financial statements for the quarterly period ended September 30, 2022 included in its Quarterly Report on Form 10-Q, and each of the interim financial statements for the quarterly periods in fiscal 2023 included in its Quarterly Reports on Form 10-Q (cumulatively, the ‘Restatement Periods’) should be restated to correct historical errors related principally to the timing of recognition of the Company’s estimated accrual of certain research and development expenses, and should therefore no longer be relied upon.” Specifically, the Company advised that “Reported Research and Development Expenses of $18.9 million, reported Total Operating Expenses of $24.3 million, reported Loss from Operations of $24.3 million, and reported Net Loss of $24.3 million, were each understated by approximately $3.9 million, representing the under accrual of clinical expenses.” Reviva stated that it “principally attributes the errors to material weaknesses in its internal control over financial reporting and clinical trial expenses”.
On this news, Reviva’s stock price fell $0.21 per share, or 5.69%, to close at $3.48 per share on April 15, 2024.
If you purchased or otherwise acquired Reviva shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
