NEW YORK, NY / ACCESSWIRE / April 28, 2018 / Pomerantz LLP announces that a class action lawsuit has been filed against Akorn, Inc. ("Akorn" or the "Company") (AKRX) and certain of its officers. The class action, filed in United States District Court, for the District of Illinois, Eastern Division, is on behalf of a class consisting of investors who purchased or otherwise acquired Akorn's securities between March 1, 2017 through February 26, 2018, both dates inclusive (the "Class Period"), seeking to recover damages caused by defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Akorn securities between March 1, 2017, and February 26, 2018, both dates inclusive, you have until May 7, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
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Akorn, Inc. is a niche pharmaceutical company that develops, manufactures, and markets generic and branded prescription pharmaceuticals. The Company manufactures sterile and non-sterile dosage forms, including ophthalmics, injectables, oral liquids, topicals, inhalants, and nasal sprays. Akorn markets its products to pharmacies, physicians, hospitals, and government agencies.
In April 2017, Fresenius Kabi, a division of Fresenius SE & Co. KGaA (collectively, "Fresenius"), and Akorn announced that Fresenius had agreed to acquire Akorn for approximately $4.3 billion.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Akorn's failure to comply with FDA data integrity requirements would jeopardize Fresenius' acquisition of Akorn; (ii) the Company lacked effective internal controls over financial reporting; and (iii) as a result of the foregoing, Akorn shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.