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Levi & Korsinsky announces it has commenced an investigation of Reliq Health Technologies Inc. (“Reliq” or “the Company”) (OTCMKTS: RQHTF) concerning possible violations of federal securities laws.
On October 16, 2018, Reliq issued a press release announcing it would restate financial information reported for the quarter ended March 31, 2018 after a review conducted by the Company’s auditor and Audit Committee 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 also stated that the changes would “affect the Company’s revenue and are projected to increase the Company’s loss and comprehensive loss for Fiscal Year 2018.” On this news, shares of Reliq stock fell more than 55% to close at $0.26 per share on October 16, 2018.