BOSTON, March 9, 2018 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, announces that a class action has been filed against Akorn, Inc. ("Akorn" or the "Company") (NASDAQ: AKRX) and certain of its officers for violations of the federal securities laws.
If you purchased Akorn shares between March 1, 2017 and February 26, 2018 (the "Class Period") and wish to serve as a lead plaintiff, you must move the Court no later than May 7, 2018.
As a member of the class, you may seek to file a motion to serve as a lead plaintiff or take no action and remain an absent class member. If you wish to become involved in the litigation or have questions about your legal rights, you are encouraged to contact attorney Bradley Vettraino at (617) 398-5600, by email at firstname.lastname@example.org, or by visiting www.blockesq.com/akorn.
On February 26, 2018, after the close of trading, Fresenius SE & Co. KGaA—which had been expected to close on an acquisition of Akorn in the coming weeks—announced that it is "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 Akorn's stock to plunge nearly 40%, causing tens of millions of dollars in losses to investors.
On this news, the Company's stock fell more than 39% to close at $8.75 on February 20, 2018, causing tens of millions of dollars in losses to investors.
The complaint, filed in U.S. Federal court for the Northern District of Illinois, captioned Joshi Living Trust v. Akorn, Inc., et al. No. 1:18-cv-01713, alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that (1) Akorn's failure to comply with FDA data integrity requirements would jeopardize Fresenius's acquisition of Akorn; (2) Akorn lacked effective internal controls over financial reporting; and (3) as a result, Akorn'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.
Confidentiality to whistleblowers or others with information relevant to this investigation is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
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Block & Leviton LLP
Bradley J. Vettraino
155 Federal Street, Suite 400
Boston, MA 02110
SOURCE Block & Leviton LLP