AKORN, INC. INVESTOR ALERT:  Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of shareholders of Akorn,…

Impending Lead Plaintiff Deadline is May 7, 2018

NEW YORK and CHICAGO, April 24, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP  announces that a federal securities class action lawsuit has been filed lawsuit on behalf of purchasers of the securities of Akorn, Inc. (NASDAQ:AKRX) (“Akorn” or the “Company”) from March 1, 2017 through February 26, 2018, both dates inclusive (“Class Period”), in the United States District Court for the Northern District of Illinois.

Investors who have incurred losses in shares of Akorn, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.

If you have incurred losses in the shares of Akorn, Inc. and would like to assist with the litigation process as a lead plaintiff, you may, no later than May 7, 2018, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Akorn, Inc. 

According to the filed complaint, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that:

• Akorn’s failure to comply with FDA data integrity requirements would jeopardize Fresenius’s acquisition of Akorn;
   
• Akorn lacked effective internal controls over financial reporting; and
   
• as a result, Akorn’s financial statements were materially false and misleading at all relevant times.

On February 26, 2018, after the close of trading, Fresenius SE & Co. KGaA, which had been expected to close on an acquisition of Akorn, Inc. in the coming weeks, announced that it was “conducting an independent investigation, using external experts, into alleged breaches of FDA data integrity requirements relating to product development at Akorn, Inc."

On this shocking news, the Company's stock fell more than $11.63 per share on February 27, 2018, closing at $18.65 per share, a market capitalization loss of close to $1.5 billion.

On April 23, 2018, Akorn closed at $13.05, down $6.65 per share (34%) after Fresenius scuttled the $4.3 billion deal to buy the generic drugmaker citing “material breaches of FDA standards.” Akorn denied Fresenius’s allegations, saying that Fresenius had “no basis” to end the deal and plans to enforce its rights under the binding agreement.

Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

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Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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