AKRX INVESTORS NOTICE: Lieff Cabraser Reminds Investors of Deadline in Class Action against Akorn, Inc.
09 April 2018 - 7:46PM
Business Wire
The law firm Lieff Cabraser Heimann & Bernstein, LLP remind
investors of upcoming deadline to move for appointment as lead
plaintiff in the class action litigation that has been filed on
behalf of investors who purchased or otherwise acquired the
securities of Akorn, Inc. (“Akorn” or the “Company”) (Nasdaq: AKRX)
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.
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 stock
declined 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.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180409006183/en/
Lieff Cabraser Heimann & Bernstein, LLPSharon M. Lee,
1-800-541-7358
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