Case Page

 

Case Status:    DISMISSED    
On or around 11/06/2001 (Date of order of final judgment)

Filing Date: August 08, 2001

According to the Form 10-K/A for the fiscal year ended December 31, 2001, on August 9, 2001, the Company was served with a Complaint which had been
filed on August 8, 2001 in the United States District Court for The Northern
District of Illinois, Eastern Division. The plaintiff subsequently voluntarily dismissed her claims against Akorn, Inc., Mr. Floyd Benjamin and Dr. John N. Kapoor, and, in exchange for the Company's consent to this voluntary dismissal, also provided, through counsel, a written statement that the plaintiff would not reassert her claims against any of the defendants in any subsequent actions. The Company did not provide the plaintiff with any compensation in consideration for this voluntary dismissal.

The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning Akorn's financial results and business prospects. Specifically, the complaint alleges that Akorn's financial statements for the year ended December 31, 2000 were materially false and misleading because they were not presented in conformity with Generally Accepted Accounting Principles (``GAAP'') as well as the rules and regulations of the United States Securities and Exchange Commission (``SEC''). As a result, the price of the Company's common stock was artificially inflated throughout the Class Period.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AKRN
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Illinois
DOCKET #: 01-CV-06096
JUDGE: Hon. Elaine E. Bucklo
DATE FILED: 08/08/2001
CLASS PERIOD START: 02/20/2001
CLASS PERIOD END: 05/22/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy, LLP (New York)
    212 East 39th Street, Abbey Gardy, LLP (New York), NY 10016
    212.889.3700 · info@abbeygardy.com
  2. Brodsky & Smith, LLC (former Pennysylvania)
    11 Bala Avenue, Suite 39, Brodsky & Smith, LLC (former Pennysylvania), PA 19004
    610.668.7987 610.660.0450 · esmith@Brodsky-Smith.com
  3. Faruqi & Faruqi LLP (New York) (former)
    320 East 39th Street, Faruqi & Faruqi LLP (New York) (former), NY 10016
    212.983.9330 212.983.9331 · Nfaruqi@faruqilaw.com
No Document Title Filing Date