Energy News / Shareholders Foundation, Inc.

Deadline Upcoming in $24 Million Settlement in the Akorn Inc (NASDAQ: AKRX) Investor Lawsuit

Via: ReleaseWire

Updated 1:41 PM CST, Thu, March 01,2018

A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Akorn Inc (NASDAQ: AKRX) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on April 20, 2018 and NASDAQ: AKRX investors should contact the Shareholders Foundation.

San Diego, CA -- (SBWIRE) -- 03/01/2018 -- A deadline is coming up on April 20, 2018 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Akorn Inc (NASDAQ: AKRX) between May 6, 2014 and April 24, 2015.

Investors who purchased a significant amount of shares of Akorn Inc (NASDAQ: AKRX) between May 6, 2014 and April 24, 2015, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The settlement proof of claim form or detailed settlement notice for the settlement in the Akorn Inc (NASDAQ: AKRX) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/akorn-inc-nasdaq-akrx-investor-securities-class-action-lawsuit-03042015

In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is April 20, 2018. The class action administrator for this case is JND Legal Administration.

The lawsuit was originally filed in the U.S. District Court for the Northern District of Illinois over alleged violations of Federal Securities Laws by Akorn Inc in connection with certain allegedly false and misleading statements made between April 17, 2014 and March 2, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Akorn Inc (NASDAQ: AKRX) common shares between April 17, 2014 and March 2, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that as of December 31, 2014, more than eight months after it acquired Hi-Tech and four months after it acquired VersaPharm, Akorn Inc did not yet integrate those subsidiaries into the Company's centralized accounting department and accounting systems, that certain financial and other related data related to Hi-Tech and VersaPharm, which require inclusion in Akorn Inc's annual report to be filed with the SEC on Form 10-K, could not be timely collected and compiled, that due to the aforementioned issues, the Company would be unable to timely complete its assessment of the effectiveness of its internal control over financial reporting as of December 31, 2014, that Akorn Inc's internal control over financial reporting was ineffective and material weaknesses existed relating to the completeness and accuracy of underlying data used in the determination of significant estimates and accounting transactions and accurate and timely reporting of its financial results and disclosures in its Form 10-K, and that as a result of the foregoing, Akorn Inc's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Akorn Inc (NASDAQ: AKRX) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

For more information on this press release visit:
http://www.sbwire.com/press-releases/deadline-upcoming-in-24-million-settlement-in-the-akorn-inc-nasdaq-akrx-investor-lawsuit-942523.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com