NEW YORK--(BUSINESS WIRE)--Pomerantz LLP announces that a class action lawsuit has been filed against Akorn, Inc. (“Akorn” or the “Company”) (NASDAQ: 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 firstname.lastname@example.org 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.
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.
On February 26, 2018, post-market, Fresenius announced that it is conducting an independent investigation, using external experts, into alleged breaches of U.S. Food and Drug Administration data integrity requirements relating to product development at Akorn. Fresenius stated that “[t]he consummation of the transaction may be affected if the closing conditions under the merger agreement are not met.”
On this news, the Company’s shares fell $11.63 per share or over 38% to close at $18.65 per share on February 27, 2018, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com