NEW YORK, April 18, 2019 (GLOBE NEWSWIRE) -- Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of Akorn, Inc. (AKRX) from August 1, 2018 through January 8, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Akorn investors under the federal securities laws. If you wish to serve as lead plaintiff, you must move the Court no later than April 22, 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.
No class has been certified. Until a class is certified, you are not represented by counsel unless you hire one. You may hire counsel of your choice. You may also do nothing at this time and be an absent member of the class. Your ability to share in any future recovery is not dependent upon being a lead plaintiff.
Pawar Law Group represents investors from around the world. Attorney Advertising. Prior results do not guarantee a similar outcome.
Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1210
New York, NY 10007
Tel: (917) 261-2277
Fax: (212) 571-0938