NEW YORK, May 12, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Reviva Pharmaceuticals Holdings, Inc. (“Reviva” or the “Company”) (NASDAQ: RVPH). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980
The investigation concerns whether Reviva and certain of its officers and/or directors have engaged in securities fraud or 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.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
