The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Akorn, Inc. (NASDAQ:AKRX) was initiated concerning potential breaches of fiduciary duties by certain Akorn directors and officers.
Investors who are current long term investors in Akorn, Inc. (NASDAQ:AKRX shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in NASDAQ:AKRX stocks follows a lawsuit filed recently against Akorn, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:AKRX stocks, concerns whether certain Akorn officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Northern District of Illinois the plaintiff alleges that defendants made certain 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 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’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’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’s public statements were materially false and misleading at all relevant times.
On March 2, 2015, after the close of trading, Akorn, Inc. filed a Form 12b 25,Notification Of Late Filing, with the Securities and Exchange Commission (“SEC”), announcing that it would need an extension to file its annual report on Form 10-K for the year ending December 31, 2014. Akorn, Inc. said it experienced unforeseen delays in collecting and compiling certain financial and other related data that would be included in the Form 10-K relating to the VersaPharm and Hi-Tech Pharmacal subsidiaries which were not integrated into the Company’s centralized accounting department and accounting systems as of December 31, 2014. Shares of Akorn, Inc. (NASDAQ:AKRX) declined to as low as $47.51 per share on March 3, 2015, respectively $38.63 per share on May 7, 2015.
On May 29, 2015, NASDAQ:AKRX shares closed at $45.90 per share.
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