NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Akorn, Inc. (“Akorn” or the “Company”) (NASDAQ:AKRX) of the May 7, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Akorn stock or options between March 1, 2017 and February 26, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/AKRX . There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of all those who purchased Akorn securities between March 1, 2017 and February 26, 2018 (the “Class Period”). The case, Joshi Living Trust v. Akorn, Inc. et al, No. 1:18-cv-01713 was filed on March 8, 2018 and has been assigned to Judge Matthew F. Kennelly.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Akorn’s failure to comply with U.S. Food and Drug Administration (“FDA”) data integrity requirements would jeopardize Fresenius SE & Co. KGaA’s (“Fresenius”) acquisition of Akorn; (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.
Specifically, on February 26, 2018, Fresenius announced it is investigating 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.
After the announcement, Akorn’s share price fell from $30.28 per share on February 26, 2018 to a closing price of $18.65 on February 27, 2018—a $11.63 or a 38.41% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Akorn’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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