NEW YORK, March 27, 2018 /PRNewswire/ -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Akorn, Inc. ("Akorn" or the "Company") (NASDAQ: AKRX) and certain of its officers, on behalf of shareholders who purchased Akorn securities during the period between March 1, 2017 through February 26, 2018, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/akrx.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: (1) Akorn's failure to comply with FDA data integrity requirements would jeopardize Fresenius' acquisition of Akorn; (2) the Company lacked effective internal controls over financial reporting; and (3) as a result of the foregoing, Akorn shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.
In April 2017, Fresenius Kabi, a division of Fresenius SE & Co. KGaA (collectively, "Fresenius"), and Akorn announced that Fresenius had agreed to acquire Akorn for approximately $4.3 billion. On February 26, 2018, post-market, Fresenius announced that it is conducting an independent investigation, using external experts, into alleged breaches of U.S. Food and Drug Administration data integrity requirements relating to product development at Akorn. Fresenius stated that "[t]he consummation of the transaction may be affected if the closing conditions under the merger agreement are not met." Following this announcement, Akorn's share price dropped $11.63 per share or over 38% to close at $18.65 per share on February 27, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/akrx or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Akorn you have until May 7, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
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