NEW YORK, March 19, 2019 — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Akorn, Inc. (“Akorn” or the “Company”)(NASDAQ: AKRX) of the April 22, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Akorn stock or options between August 1, 2018 and January 8, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/AKRX. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of all those who purchased Akorn securities between August 1, 2018 and January 8, 2019 (the “Class Period”). The case, Wickstrom v. Akorn, Inc. et al, No. 19-cv-01299 was filed on January 21, 2019, and has been assigned to Edmond E. Chang.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing 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.
On January 9, 2019, before the market opened, Akorn announced that it had received a warning letter “dated January 4, from the U.S. Food and Drug Administration (FDA) related to an inspection of its Decatur, Illinois manufacturing facility in April and May of 2018.” The warning letter from the FDA detailed a laundry list of “significant violations of current good manufacturing practice (CGMP) regulations for finished pharmaceuticals.
On this news, Akorn’s share price fell from $3.94 per share on January 8, 2019 to a closing price of $3.48 on January 9, 2019: a $0.46 or a 11.6% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Akorn’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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