NEW YORK, March 15, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Akorn Inc. (“Akorn” or the “Company”) (AKRX) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Akorn securities between August 1, 2018 through January 8, 2019, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/akrx.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made materially false and 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.
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.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/akrx or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Akorn you have until April 22, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
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