An investigation on behalf of investors of Reliq Health Technologies Inc. (OTC: RQHTF) shares over potential securities laws violations by Reliq Health Technologies and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Reliq Health Technologies Inc. (OTC: RQHTF) concerning whether a series of statements by Reliq Health Technologies regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Canada based Reliq Health Technologies Inc., a healthcare technology company, engages in the development and operation of mobile software solutions for community care market. Reliq Health Technologies Inc. reported that its Total Revenue declined from $536.19 million for the 12 months period that ended on June 30, 2016 to $182.65 million for the 12 months period that ended on June 30, 2017.

Shares of Reliq Health Technologies Inc. (OTC: RQHTF) reached in March 2018 as high as $2.03 per share.

On October 16, 2018, Reliq Health Technologies Inc disclosed that it decided to restate certain financial information reported for the quarter ended March 31, 2018. Reliq Health Technologies Inc stated that [t]he 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 Health Technologies Inc further disclosed that [t]he 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.

Shares of Reliq Health Technologies Inc. (OTC: RQHTF) declined to $0.20 per share on October 16, 2018.