LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray reminds investors that they have until May 4, 2015 to seek appointment as a lead plaintiff in a class action lawsuit 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 firstname.lastname@example.org, 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 Akorn failed to adequately integrate several acquisitions into the Company's centralized accounting department and accounting systems, and that as a result, Akorn's internal control over financial reporting was ineffective and material weaknesses existed relating to the completeness and accuracy of underlying data.
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 Lesley Portnoy, Esquire, of Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to email@example.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.
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