On or around 02/06/2020 (Date of last review)
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.
Company & Securities Information
Defendant: Akorn, Inc.
Industry: Major Drugs
Headquarters: United States
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.