LAKE FOREST, Ill., Aug. 14, 2015 (GLOBE NEWSWIRE) -- Akorn, Inc. (Nasdaq:AKRX) today announced that, as expected, it has received a notice from the NASDAQ Staff stating that the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1) because the company has not yet filed its Form 10-Q for the quarter ended June 30, 2015, which was due on August 10, 2015.
On April 24, 2015, Akorn announced that it will restate its previously issued financial statements for the annual period ended December 31, 2014 and the quarterly periods ended June 30, 2014, September 30, 2014 and December 31, 2014 due to errors identified during the first quarter 2015 financial review process. The errors will be corrected through amendments to the Forms 10-Q for the fiscal quarters ended June 30, 2014 and September 30, 2014 and the Form 10-K for the year ended December 31, 2014. The amended forms will be filed prior to the filing of Akorn's Forms 10-Q for the fiscal quarters ended March 31, 2015 and June 30, 2015.
Akorn will submit an update to NASDAQ regarding its plan to regain compliance with the filing requirement by August 26, 2015. As announced on July 15, 2015, NASDAQ previously granted Akorn additional time to regain full compliance with the NASDAQ Listing Rules. Under the terms of the extension, Akorn must file its Form 10-Q for the quarterly period ended March 31, 2015 and all other required periodic reports no later than November 9, 2015. In the event Akorn does not timely satisfy the terms of the extension, the NASDAQ Staff will provide written notification that Akorn's securities are subject to delisting, at which time Akorn may request a hearing before an independent NASDAQ Hearings Panel. The Company's request for a hearing would stay any delisting action at least until the Panel renders a determination subsequent to the hearing.
Akorn, Inc. is a specialty pharmaceutical company engaged in the development, manufacture and marketing of multisource and branded pharmaceuticals. Akorn has manufacturing facilities located in Decatur, Illinois; Somerset, New Jersey; Amityville, New York; Hettlingen, Switzerland and Paonta Sahib, India where the Company manufactures ophthalmic, injectable and specialty non-sterile pharmaceuticals. Additional information is available on the Company's website at www.akorn.com.
Forward Looking Statements
This press release includes statements that may constitute "forward-looking statements", including projections of the impact and allocation amongst periods of any known or potential errors or misstatements in the financial statements, impact of material weaknesses in the internal control over financial reporting, the timing of filings of restated financials and periodic SEC filings, the outcome of, and expenses associated with, the independent investigation, projections of the timing of submission of compliance plans to NASDAQ and period and terms of extensions that may be granted by NASDAQ in response, the outcome of, and expenses associated with, the efforts to submit a plan of compliance to NASDAQ within the 60-day window to take necessary steps to achieve compliance with all NASDAQ listing requirements, projections of certain measures of Akorn's future results of operations, sales and earnings, projections of certain charges and expenses, projections related to the number and potential market size of ANDAs, projections with respect to timing and impact of pending acquisitions, and other statements regarding Akorn's goals, regulatory approvals and strategy. Akorn cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Factors that could cause or contribute to such differences include, but are not limited to: statements relating to future steps we may take, prospective products, prospective acquisitions, future performance or results of current and anticipated products and acquired assets, sales efforts, expenses, the outcome of contingencies such as legal proceedings and investigations, financial results and the timing and nature of the final resolution of the accounting issues discussed in this release. These cautionary statements should be considered in connection with any subsequent written or oral forward-looking statements that may be made by the Company or by persons acting on its behalf and in conjunction with its periodic SEC filings. You are advised, however, to consult any further disclosures we make on related subjects in our reports filed with the SEC. In particular, you should read the discussion in the section entitled "Cautionary Statement Regarding Forward-Looking Statements" in our most recent Annual Report on Form 10-K, as it may be updated in subsequent reports filed with the SEC. That discussion covers certain risks, uncertainties and possibly inaccurate assumptions that could cause our actual results to differ materially from expected and historical results. Other factors besides those listed there could also adversely affect our results.
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