AKRX Investor Alert: Class Action Lawsuit Against Akorn, Inc. Announced by Glancy Binkow & Goldberg LLP

LOS ANGELES--()--Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed on behalf of a class (the “Class”) of purchasers of the securities of Akorn, Inc. (“Akorn” or the “Company”) (NASDAQ:AKRX) between April 17, 2014 and March 2, 2015, inclusive (the “Class Period”). Investors are encouraged to contact Lesley Portnoy, at 310-201-9150, by e-mail to shareholders@glancylaw.com, to discuss this matter.

Akorn, Inc. engages in the manufacture and marketing of diagnostic and therapeutic ophthalmic pharmaceuticals products, hospital drugs, and injectable pharmaceuticals in the United States and internationally. The Complaint alleges that: (1) as of December 31, 2014, more than eight months after it acquired Hi-Tech and four months after it acquired VersaPharm, Akorn did not yet integrate those subsidiaries into the Company's centralized accounting department and accounting systems; (2) certain financial and other related data related to Hi-Tech and VersaPharm, which require inclusion in Akorn's annual report to be filed with the SEC on Form 10-K, could not be timely collected and compiled; (3) due to the aforementioned issues, the Company would be unable to timely complete its assessment of the effectiveness of its internal control over financial reporting as of December 31, 2014; (4) Akorn's internal control over financial reporting was ineffective and material weaknesses existed relating to the completeness and accuracy of underlying data used in the determination of significant estimates and accounting transactions and accurate and timely reporting of its financial results and disclosures in its Form 10-K; (5) and as a result of the foregoing, Akorn's public statements were materially false and misleading at all relevant times.

On March 2, 2015, Akorn announced that it would need an extension to file its annual report. On this news the Company shares declined $4.38 per share, or over 8%, to close on March 3, 2015 at $49.33 per share. Then on April 24, 2015, the Company announced that it would restate its prior financial reports due to errors tied to understatements of rebates and other sales allowances, and other errors that resulted in income being overstated by $20 to $30 million. On this news, shares of Akorn declined over $10.83 per share, or nearly 20%, during intraday trading on April 27, 2015 on unusually high volume.

If you are a member of the Class described above, you may move the Court no later than May 4, 2015, to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Casey Sadler or Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at 310-201-9150, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Glancy Binkow & Goldberg LLP, Los Angeles
Casey Sadler, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

Release Summary

Glancy Binkow & Goldberg announces class action against Akorn, Inc. to recover damages related to disclosures of the company's alleged securities fraud. Investors are encouraged to contact the firm.

Contacts

Glancy Binkow & Goldberg LLP, Los Angeles
Casey Sadler, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com