BOSTON, Aug. 11, 2015 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, is investigating possible securities law violations by Akorn Inc. ("Akorn" or the "Company") (NASDAQ: AKRX) and its officers and directors. The Company's stock has fallen approximately 18%, or over $1 billion in market capitalization, since Akorn announced that it "believes that material weaknesses exist as of December 31, 2014 relating to the completeness and accuracy of underlying data used in the determination of significant estimates and accounting transactions and accurate and timely reporting of its financial results and disclosures."
On March 2, 2015, following the close of trading, Akorn issued the statement regarding potential material weakness, in conjunction with an announcement that it would be unable to file its Form 10-K for the year ended December 31, 2014 within the prescribed time period.
Following this announcement, Akorn, on Form 8-K dated April 24, 2015 and Form 12b-25 dated May 8, 2015, disclosed that on April 20, 2015, the Audit Committee of its Board of Directors, upon the recommendation of management, concluded that Akorn's previously issued consolidated financial statements for the year ended December 31, 2014, and the previously issued unaudited condensed consolidated financial statements contained in the Company's reports for the quarters ended June 30, 2014 and September 30, 2014, and the disclosures and related communications for each of these periods, should not be relied upon because of errors in the financial statements in those associated periods. Furthermore, it stated that management's report on the effectiveness of internal control over financial reporting as of December 31, 2014 should no longer be relied upon.
On August 4, 2015, Akorn announced that its CFO had stepped down.
Block & Leviton's investigation seeks to determine whether Akorn or its officers and directors violated the federal securities laws through the Company's actions which led to the postponing of its filings. If you purchased or otherwise acquired Akorn securities between April 17, 2014 and May 2, 2015, and have questions about your legal rights or possess information relevant to this investigation, please contact attorney Steven Harte of Block & Leviton LLP at (617) 398-5600 or email him at Steven@blockesq.com. Confidentiality to whistleblowers or others with information relevant to the lawsuit is assured.
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Contact: BLOCK & LEVITON LLP
Steven Harte, Esq.
SOURCE Block & Leviton LLP