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 - EconoTimes)
NEW YORK, March 09, 2018 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Akorn, Inc. (“Akorn” or the “Company”) (NASDAQ:AKRX) in the United States District Court for the Northern District of Illinois on behalf of a class consisting of investors who purchased or otherwise acquired Akorn securities on the open market from March 1, 2017 and February 26, 2018, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges that on February 26, 2018, Fresenius SE & Co. KGaA — which had been expected to close on an acquisition of Akorn in the coming weeks — announced that it is “conducting an independent investigation, using external experts, into alleged breaches of FDA data integrity requirements relating to product development at Akorn, Inc.” This news caused the Company’s stock to dropped nearly 40%.
The Complaint also alleges that Defendants made false and/or misleading statements and/or failed to disclose that (1) the Company’s failure to comply with FDA data integrity requirements would jeopardize Fresenius’s acquisition of the Company; (2) the Company lacked effective internal controls over financial reporting; and (3) as a result, the Company’s financial statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the May 7, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
