SAN FRANCISCO--(BUSINESS WIRE)--The law firm Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the publicly traded securities of Akorn, Inc. (“Akorn” or the “Company”) (Nasdaq: AKXR) between March 1, 2017 and February 26, 2018 (the “Class Period”).
If you purchased or otherwise acquired Akorn publicly traded securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than May 7, 2018. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the actions.
Akorn investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Akorn Securities Class Litigation
Akorn, incorporated in Louisiana and headquartered in Lake Forrest, Illinois, develops, manufactures, and markets specialized generic and branded pharmaceuticals, over-the-counter drug products, and animal health products in the United States and internationally.
On April 24, 2017, it was announced that Fresenius SE & Co. KGaA (“Fresenius”) agreed to acquire Akorn. The transaction was expected to close by early 2018.
The action alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Akorn’s failure to comply with Food and Drug Administration (“FDA”) data integrity requirements would jeopardize Akorn’s acquisition by Fresenius; (2) the Company lacked effective internal controls over financial reporting; and (3) as a result, the Company’s financial statements were materially false and misleading at all relevant times.
On February 26, 2018, Fresenius announced that it is conducting an investigation into alleged breaches of FDA data integrity requirements at Akorn. Fresenius also stated that consummation of the transaction may be affected if the closing conditions under the merger agreement are not met. On this news, the Company’s share price fell 38.41%, or $11.63, from the previous closing price of $30.28 per share on February 26, 2018, to close at $18.65 per share on February 27, 2018, on extremely elevated trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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