To join this class action, please complete the following Investor Certification.  [contact-form-7 id=”1031″ title=”Akorn, Inc. Investor Certification”]

Oklahoma City, OK (February 22, 2019) – On February 21, 2019, a securities class action lawsuit was filed in the United States District Court for the Northern District of Illinois against Akorn, Inc. (NASDAQ: AKRX).  The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is August 1, 2018 through January 8, 2019.  According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) Akorn’s management misled investors concerning the severity of Akorn’s manufacturing violations at its Decatur, Illinois facility; (2) Akorn’s responses to the Food and Drug Administration’s (“FDA”) Form 483—which contained a list of observations made by the FDA during its inspection of Akorn’s Decatur, Illinois facility in April and May 2018—would be deemed inadequate by the FDA; (3) Akorn repeatedly failed to correct manufacturing violations at this facility; (4) the foregoing would subject Akorn to heightened regulatory scrutiny by the FDA; and (5) as a result, Akorn’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On January 9, 2019, Akorn revealed that it had received a warning letter from the U.S. Food and Drug Administration after an inspection of Akorn’s Decatur, Illinois manufacturing facility. This inspection exposed that contrary to what the Company relayed to investors, it had failed to comply with multiple federal regulations relating to drug manufacturing. Following this news, Akorn stock dropped $0.46 per share, or over 11.6%, to close at $3.48 on January 9, 2019. 

Plaintiff seeks to recover damages on behalf of all Akorn, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above.  You may move the Court no later than Monday, April 22, 2019 to serve as a lead plaintiff for the entire Class.  However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.

If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact:  Robin Hester at rkh@federmanlaw.com