NEW YORK, NY / ACCESSWIRE / April 2, 2019 / Pomerantz LLP announces that a class action lawsuit has been filed against Akorn, Inc. ("Akorn" or the "Company") (AKRX) and certain of its officers and directors. The class action, filed in United States District Court, Northern District of Illinois, is on behalf of a class consisting of all persons and entities, other than Defendants and their affiliates, who purchased or otherwise acquired publicly traded securities of Akorn from August 1, 2018 through January 8, 2019, inclusive (the "Class Period"), seeking to recover compensable damages caused by Defendants' violations of federal securities laws (the "Class").
If you are a shareholder who purchased Akorn securities during the class period, you have until April 22, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Akorn purports to develop, manufacture, and market specialized generic and branded pharmaceuticals, over-the-counter drug products, and animal health products in the United States and internationally.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, 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 FDA's 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 shares fell $0.46 per share or over 11.6% to close at $3.48 per share on January 9, 2019, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
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