Commodity Channel Index
|Bid||0.0000 x 4000|
|Ask||0.0000 x 900|
|Day's Range||0.0900 - 0.1950|
|52 Week Range||0.0154 - 5.4000|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 11, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||2.00|
We I looked at Akorn, Inc. (NASDAQ:AKRX)'s historical hedge fund sentiment chart I noticed that AKRX was an extremely popular stock among hedge funds 4-5 years ago. It was trading at $40 per share back then, vs. only $0.09 today. I see that activist hedge fund manager Tom Sandell bought AKRX 5 years ago. This […]
Moody's Investors Service ("Moody's") assigned a Baa1 rating to Akorn, Inc. (DIP)'s ("Akorn") debtor-in-possession (DIP) financing facility in the form of a $30 million super priority priming term loan. The rating on the DIP financing facility is being assigned on a "point-in-time" basis and will not be monitored going forward and, therefore, no outlook is assigned to the rating.
(Bloomberg) -- WeWork’s board is scheduled to vote on appointing two new directors on Friday, a critical step in a clash between shareholder SoftBank Group Corp. and a rival faction at the troubled co-working startup.A lawyer for WeWork told Delaware Chancery Court Judge Andre Bouchard in a letter that the company plans a May 29 meeting to fill two empty independent director seats. The nominees are Alex Dimitrief, General Electric Co.’s ex-top lawyer, and Frederick Arnold, the former chief financial officer for Convergex Group.SoftBank and the rival board faction are feuding over the Japanese conglomerate’s decision to scrap a $3 billion deal to buy stock from WeWork’s former Chief Executive Officer Adam Neumann and other shareholders. SoftBank agreed to the purchase last year as it bailed out the struggling startup, but then notified stockholders in March that some of the deal’s conditions hadn’t been met.Two independent WeWork directors then sued SoftBank for not following through on the transaction. One of them, Bruce Dunlevie, is a partner at the venture firm Benchmark Capital, which had planned on selling WeWork shares to SoftBank as part of the agreement.The new directors, who are expected to butt heads with the pair who filed the suit, will be on a special board committee tasked with deciding whether Dunlevie and another board member, Lew Frankfort, can properly represent the company in the SoftBank suit.In a court hearing Wednesday, Bouchard rejected bids by Dunlevie and Frankfort to block WeWork from adding new directors. Dunlevie and Frankfort were the only members of the earlier special committee that made the decision to sue. They had sought a so-called “status quo” order to maintain the company’s operations during the SoftBank litigation.“We believe SoftBank has no basis to question the special committee’s authority to bring this action and we are pleased by the court’s recognition that any effort by SoftBank to challenge that authority must be presented” to Bouchard, a spokesman for Dunlevie and Frankfort said Wednesday.SoftBank-backed WeWork officials said they are acting in the best interest of the company.“WeWork is pursuing best practices of corporate governance to determine what role if any WeWork should have in this contractual dispute among its shareholders,” Sarah Lubman, a SoftBank spokeswoman, said in an emailed statement. “The court’s decision today allows that process to go forward.”In their suit, Dunlevie and Frankfort contend SoftBank had “buyer’s remorse” and reneged on promises to “use its reasonable best efforts to consummate” the stock-purchase agreement.They also noted the agreement doesn’t contain a so-called “material adverse effect” provision or similar termination right that is common in such deals. Two years ago, a Delaware judge found such a provision permitted Germany’s Fresenius SE to walk away from its takeover of U.S. rival generic drugmaker Akorn Inc.In a message to shareholders in March, Softbank cited nearly a half-dozen conditions for the deal that WeWork officials hadn’t met, including a failure to renegotiate some leases in the wake of the economic havoc caused by the Covid-19 pandemic.Neumann -- who would have reaped the biggest windfall from the deal -- filed his own suit earlier this month claiming SoftBank is relying on legally faulty pretexts to scuttle the deal.The dispute is among several busted-deal cases tied to Covid-19 that landed in Delaware’s business court. The state is the corporate home to more than half of U.S. public companies and more than 60% of Fortune 500 firms. Chancery judges hear cases without juries and can’t award punitive damages.Dunlevie’s and Frankfort’s suit is The We Company v. SoftBank Group Corp, No. 2020-0258, Delaware Chancery Court (Wilmington). Neumann’s case is Neumann v. SoftBank Group Corp, Delaware Chancery Court.(Updates with judge’s denial of status-quo order in sixth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Moody's Investors Service ("Moody's") downgraded Akorn, Inc.'s ("Akorn") Probability of Default Rating to D-PD from Ca-PD. This follows Akorn's May 20, 2020 announcement that it filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code. Moody's also affirmed Akorn's other existing ratings including the Caa3 Corporate Family Rating and Caa3 senior secured term loan rating.
Shares in niche pharmaceutical company Akorn (AKRX) are plunging 27% in Thursday’s pre trading on the news that the company has filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code.The filing, made in United States Bankruptcy Court for the District of Delaware, is to execute an in‑court sale of its business while addressing litigation-related overhangs and best positioning the business for long-term success under new ownership.In connection with the filing, the company announced that it has also executed a Restructuring Support Agreement with lenders representing more than 75% of its secured debt, who will collectively serve as a “stalking horse” bidder in the company’s sale process. This means they will provide additional liquidity to fund the Akon’s business operations during this process.To help fund and protect its operations during the Chapter 11 process, Akorn will use cash collateral from all of its existing lenders, and has received commitments from certain of its lenders for $30 million in debtor-in-possession financing.Doug Boothe, Akorn’s CEO, commented, “We look forward to separating legacy litigation and debt from the Company’s most valuable assets – our products, our people, our manufacturing facilities and our knowledge – so that we can move forward unencumbered by these liability exposures under new ownership that believes in our future.”The Chapter 11 cases include Akorn and each of its U.S. subsidiaries. The company’s entities in India and Switzerland are not included in the Chapter 11 filing.RBC Capital’s Randall Stanicky previously rated the stock a hold with a $2 price target, writing “Given the magnitude of risk and uncertainty involved, we believe our price target and implied return support our Sector Perform, Speculative Risk rating.”He also notes that the company’s attempted sale process was negatively impacted by broader market uncertainties related to COVID-19. Akorn announced at the end of March no bids in its ongoing sale process sufficient to pay off the company’s Term Loan obligations, resulting in an immediate event of default.So far year-to-date AKRX is trading down over 80%. (See Akorn stock analysis on TipRanks)Related News: Gilead and Galapagos Score Positive Topline Results For Ulcerative Colitis Trial Moderna Spikes 21% Amid “Positive” Early-Stage Covid-19 Vaccine Data AstraZeneca-Merck Lynparza Prostate Cancer Treatment Gets FDA Approval More recent articles from Smarter Analyst: * Moderna Embarks On Phase 2 Study Of Covid-19 Candidate; Shares Pop 11% * 5-Star Analyst Pounds the Table on Roku Stock * Efgartigimod's Positive Data Is Good News for Momenta’s Nipocalimab * Elon Musk Reaps Payout Worth $775M, As Analyst Admits Tesla Is ‘Turning A Corner’
Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company ("Akorn" or the "Company"), today announced that the Company and its U.S. subsidiaries filed for voluntary protection under Chapter 11 ("Chapter 11") of the U.S. Bankruptcy Code in United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") to execute an in‑court sale of its business while addressing litigation-related overhangs and best positioning the business for long-term success under new ownership. In connection with the filing, the Company has executed a Restructuring Support Agreement with lenders representing more than 80% of its secured debt, who will collectively serve as a "stalking horse" bidder in the Company's sale process and provide additional liquidity to fund the Company's business operations during this process.
Forescout Technologies Inc sued Advent International Corp on Wednesday, after the private equity firm pulled out of a deal to buy the U.S. cybersecurity company for $1.9 billion. Forescout asked the Delaware Court of Chancery to force Advent to complete the deal after the buyout firm notified it last Friday it would back out. In a statement, Advent responded that it had informed Forescout of the company's failure to maintain operations and financial resources as required under the agreement.
LAKE FOREST, Ill., May 11, 2020 -- Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company, today announced its financial results for the first quarter of 2020..
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(Bloomberg) -- Two independent WeWork directors sued SoftBank Group Corp., its biggest shareholder, after the Japanese investor scrapped a $3 billion deal to buy stock from ex-Chief Executive Officer Adam Neumann and other shareholders to bail out the struggling workplace provider.SoftBank reneged on promises to “use its reasonable best efforts to consummate” the stock-purchase agreement because of “buyer’s remorse,” the directors, which make up a special committee of WeWork’s board, said in the Delaware Chancery Court lawsuit.“Instead of abiding by its contractual obligations, SoftBank, under increasing pressure from activist investors, has engaged in a purposeful campaign to avoid completion of the tender offer,” said Bruce Dunlevie and Lew Frankfort, who make up the committee. The pair regret “the fact SoftBank continues to put its own interests ahead of those of WeWork’s minority stockholders,” according to an emailed statement.A spokesperson for SoftBank said it would vigorously defend the lawsuit. “Nothing in the special committee’s filing today credibly refutes SoftBank’s decision to terminate the tender offer,” the spokesperson said Tuesday in a statement. Softbank said several conditions for completing the tender were not met and called the special committee’s filing a “desperate and misguided attempt” to revise history.“The Special Committee will not prevail in this mistaken attempt to force SoftBank to purchase their shares when it is not legally obligated to do so,” the spokesperson said.Paul Singer’s Elliott Management Corp., a major investor in Softbank, has advocated for the Japanese company to boost its own value by engaging in stock buybacks.Bailout PackageSoftBank agreed to buy shares from Neumann, Benchmark Capital and others as part of a bailout package last year, but notified stockholders in mid-March that some of the deal’s conditions hadn’t been met. After the deal’s closing deadline passed last week, SoftBank confirmed it was pulling the offer.In a message to shareholders last month, Softbank cited nearly a half-dozen conditions that WeWork officials hadn’t met as the basis for pulling out of purchase, including its failure to renegotiate some leases in the wake of the economic havoc caused by the Covid-19 pandemic. Of the tender offer, $450 million is currently allocated to current and former employees, according to a person with knowledge of the matter.The directors pointed to efforts by SoftBank executives to “thwart” a consolidation of WeWork’s Chinese joint venture as evidence that they had second thoughts about the deal. Softbank cited the failure to complete the “roll-up” of the China unit as one of the conditions that hadn’t been met, while WeWork executives accused their erstwhile partner of creating a pretext for pulling out of the agreement.Softbank’s argument that WeWork failed to gain the necessary regulatory approvals for the deal also doesn’t fly because the only country left to sign off on the transaction was Mexico and WeWork has until August to gain that country’s okay, according to the suit.“SoftBank’s apparent buyer’s remorse” was spurred by its own declining financial condition, the WeWork directors said in the suit. “SoftBank’s enormous and growing debt burden, which is now over $109 billion, led Moody’s to issue a rare two-notch downgrade in SoftBank’s debt rating in March 2020,” according to the suit.‘Material Adverse Effect’The directors also noted the agreement doesn’t contain a so-called “material adverse effect” provision or similar termination right that is common in such deals. Two years ago, a Delaware judge found such a provision permitted Germany’s Fresenius SE to walk away from its takeover of U.S. rival generic drugmaker Akorn Inc.The WeWork directors want a chancery judge to order Softbank to carry out the stock purchase and acknowledge it trampled on the rights of some investors in the workplace provider. “SoftBank’s actions harmed the company’s minority stockholders by depriving them of liquidity, which was the primary consideration they were to receive under” the agreement, the suit said.The suit was filed in Delaware because it’s the corporate home to WeWork and more than half of U.S. public companies.The case is The We Company v. Softbank Group Corp, No. 2020-0258, Delaware Chancery Court (Wilmington)(Adds comment from Softbank in fourth and fifth paragraphs)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Bed Bath & Beyond Inc has asked a judge to hold 1-800-Flowers.Com Inc to a $252 million deal between the companies in what appears to one of the first examples of a corporate sale coming unraveled due to the coronavirus pandemic. Bed Bath said in its complaint, filed in Delaware's Court of Chancery, that 1-800-Flowers told it on March 24 the COVID-19 outbreak, the disease caused by the coronavirus, denied the company the resources to close the deal and integrate the business. "Even a calamitous event such as COVID-19 does not permit a party to avoid its obligations," the lawsuit said.
Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company, today announced that it no longer has any bids in the Sale Process that are sufficient to pay all obligations under its term loan agreement. Accordingly, the Company now toggles to the alternative milestones that were detailed in the Second Amended Standstill Agreement and are summarized in the 8-K filed earlier today.
Shareholders in Akorn, Inc. (NASDAQ:AKRX) had a terrible week, as shares crashed 21% to US$1.16 in the week since its...
LAKE FOREST, Ill., Feb. 26, 2020 -- Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company, today announced its financial results for the quarter and year ended.
Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company, today announced it has reached an agreement with certain of its lenders to extend the standstill period. The agreement defines a path forward and outlines milestones to execute a sale of Akorn's business, potentially using Chapter 11 protection in order to address Akorn's litigation-related overhangs and execute a transaction that maximizes value.
Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company, today confirmed that negotiations with certain of its lenders are ongoing following the expiration of its standstill agreement on February 7, 2020. Akorn continues to evaluate strategic alternatives to address the Company's litigation-related liabilities and position Akorn for long-term success.
We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. The...
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Akorn, Inc. New York, January 14, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Akorn, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Akorn, Inc. (AKRX), a leading specialty pharmaceutical company, today announced that Akorn and certain of its lenders have reached an agreement that extends the standstill period to February 7, 2020. Additional information is available on Akorn’s website at www.akorn.com.
Although the masses and most of the financial media blame hedge funds for their exorbitant fee structure and disappointing performance, these investors have proved to have great stock picking abilities over the years (that's why their assets under management continue to swell). We believe hedge fund sentiment should serve as a crucial tool of an […]
Akorn, Inc. (NASDAQ:AKRX) shareholders will doubtless be very grateful to see the share price up 33% in the last...
Akorn (AKRX) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank 1 (Strong Buy).