NEW YORK, April 18, 2018 (GLOBE NEWSWIRE) — Safirstein Metcalf LLP announces that a class action has been filed in the United States District Court, for the District of Illinois, Eastern Division, on behalf of a class consisting of investors who purchased or otherwise acquired securities of Akorn, Inc. (”Akorn” or the ”Company”) (NASDAQ:AKRX) between March 1, 2017 through February 26, 2018, both dates inclusive (the ”Class Period”).
If you purchased Akorn securities during the class period, and would like more information about the shareholder class action, please contact Safirstein Metcalf LLP at 1-800-221-0015, or email info@SafirsteinMetcalf.com
If you wish to serve as lead plaintiff, you must move the Court no later than May 7, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. 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.
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/or 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.”
The Law Firm of Safirstein Metcalf focuses its practice on securities fraud law. The law firm also practices in the areas of antitrust and consumer protection.