Akorn, Inc. develops, manufactures, and markets specialized generic and branded pharmaceuticals, over-the-counter drug products, and animal health products in the United States and internationally.

According to the law firm press release, the lawsuit alleges that Defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Akorn’s failure to comply with FDA data integrity requirements would jeopardize Fresenius’s acquisition of Akorn; (2) Akorn lacked effective internal controls over financial reporting; and (3) as a result, Akorn’s financial statements were materially false and misleading at all relevant times.

On May 31, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated amended Complaint on September 5. On October 29, Plaintiffs and Defendants filed a joint Motion for entry of Agreed Order. On October 30, the Court granted the Motion, dismissing some of the individual Defendants and two of the counts from the consolidated amended Complaint. Lead Plaintiff filed a second consolidated amended Complaint on April 22, 2019. On May 9, the Court issued an Order consolidating cases. On August 9, the parties entered into a Stipulation and Agreement of Settlement. The Court issued an Order preliminarily approving the Settlement on August 26. On March 13, 2020, the Court granted final approval of the Settlement and entered Final Judgment. The Court issued an Order approving the Settlement's distribution plan on December 18.