Akorn Inc (NASDAQ: AKRX) Investor Securities Class Action Lawsuit 03/08/2018

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Company Name(s): 
Akorn
Case Name: 
Akorn Shareholder Class Action Lawsuit 03/08/2018
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: AKRX
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/08/2018
Class Period Begin: 
03/01/2017
Class Period End: 
02/26/2018
Court of Filing: 
U.S. District Court for the Northern District of Illinois
Deadline To File for Lead: 
05/07/2018
Date Settled: 
08/26/2019
Settlement Amount: 
$74,000,000
Deadline to Participate in Settlement: 
01/24/2020
Settlement Notice: 
Settlement Proof: 
Summary: 

August 26, 2019 - The court preliminarily approved the settlement.

August 9, 2019 - Parties filed a stipulation of settlement.

May 31, 2018 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

May 7, 2018 - Lead plaintiff motions were filed.

March 8, 2018 - An investor in shares of Akorn Inc (NASDAQ: AKRX) filed a lawsuit in the U.S. District Court for the Northern District of Illinois over alleged violations of Federal Securities Laws by Akorn Inc in connection with certain allegedly false and misleading statements made between March 1, 2017 and February 26, 2018.

Lake Forest, IL based Akorn Inc (NASDAQ: AKRX), together with its subsidiaries, is a specialty generic pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals, as well as private-label over-the-counter (OTC) consumer health products and animal health pharmaceuticals.

On April 24, 2017, Fresenius Kabi has agreed to acquire Akorn Inc (NASDAQ: AKRX) for approximately $4.3 billion, or $34.00 a share, plus the assumption of approximately $450 million of debt1. The transaction is expected to close by early 2018 and to be accretive in 2018 to Fresenius Group net income and EPS, excluding integration costs.

On February 26, 2018, Fresenius SE & Co. KGaA announced it is “conducting an independent investigation, using external experts, into alleged breaches of FDA [Food and Drug Administration] data integrity requirements relating to product development at Akorn, Inc.” Fresenius also stated the “consummation of the transaction may be affected if the closing conditions under the merger agreement are not met.”

Shares of Akorn Inc (NASDAQ: AKRX) declined from $32.26 per share on February 15, 2018 to as low as $16.79 per share on February 28, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Akorn Inc (NASDAQ: AKRX) common shares between March 1, 2017 and February 26, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 1, 2017 and February 26, 2018, the defendants made materially false and/or misleading statements and/or failed to disclose that: Akorn Inc’s failure to comply with FDA data integrity requirements would jeopardize Fresenius’s acquisition of Akorn Inc, that Akorn Inc lacked effective internal controls over financial reporting, and that as a result, Akorn Inc’s financial statements were materially false and misleading at all relevant times.

On March 7, 2018, NASDAQ: AKRX shares closed at $18.28 per share.