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Case Status:    SETTLED
On or around 03/13/2020 (Date of order of final judgment)

Filing Date: March 08, 2018

Akorn 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.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Major Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AKRX
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 #: 18-CV-01713
JUDGE: Hon. Matthew F. Kennelly
DATE FILED: 03/08/2018
CLASS PERIOD START: 03/01/2017
CLASS PERIOD END: 02/26/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Heffner Hurst
  2. The Rosen Law Firm, P.A. (New York)
No Document Title Filing Date
COURT: N.D. Illinois
DOCKET #: 18-CV-01713
JUDGE: Hon. Matthew F. Kennelly
DATE FILED: 04/22/2019
CLASS PERIOD START: 11/03/2016
CLASS PERIOD END: 01/08/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP
    2835 N. Sheffield Avenue, Suite 409, Bernstein Litowitz Berger & Grossmann LLP, IL 60657
    773-883-5382 ·
  2. Entwistle & Cappucci LLP
    299 Park Avenue, 14th Floor, Entwistle & Cappucci LLP, NY 10171
    212.894.7200 212.894.7272 · info@entwistle-law.com
No Document Title Filing Date
No Document Title Filing Date