Akorn: Class Action


Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Akorn (NASDAQ: AKRN) in connection to alleged violations of securities laws by AKRN. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Akorn from March 1, 2017 until February 26, 2018.

The class action complaint specifically alleges that during the period in question, AKRN might have provided false and/or misleading material information, and/or failed to disclose adverse material information, namely: that the company’s acquisition by Fresenius would be put in jeopardy by its failure to achieve compliance with the FDA’s data integrity requirements; that the company did not have proper internal controls over its financial reporting activities; and that consequently the company’s statements regarding its finances were false and misleading during the relevant period. After the company announced, on February 28, 2018, that it had launched an investigation into possible breaches of the FDA’s data integrity requirements, its share price declined substantially, according to the complaint, which alleges that when true details emerged, investors suffered losses.

According to the company’s website, Akorn is a pharmaceutical company involved in the development, manufacturing and marketing of “generic and branded prescription pharmaceuticals as well as animal and consumer health products.” Its dosage forms include ophthalmics, injectables, oral liquids, otics, topicals, nasal sprays, and inhalants. The company markets its products to ophthalmologists, optometrists, retail pharmacies, government agencies, hospitals, clinics, wholesalers, and other customers. The company’s research and development facilities are located in Vernon Hills, Illinois; Cranbury, New Jersey; and Copiague, New York. Its manufacturing facilities are located in Decatur, IL; Somerset, NJ; Amityville, NY; Paonta Sahib, India; and Hettlingen, Switzerland. The company trades on the Nasdaq exchange under the symbol AKRX.

A class action lawsuit has already been filed in connection with Akorn. If you wish to serve as lead plaintiff in the AKRN lawsuit, you must move the Court no later than May 7, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.

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