The Shareholders Foundation announces that an investor, who purchased shares of Akorn, Inc. (NASDAQ:AKRX), filed a lawsuit 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.
Investors who purchased shares of Akorn, Inc. (NASDAQ:AKRX) have certain options and for certain investors are short and strict deadlines running. Deadline: May 4, 2015. Akorn, Inc. (NASDAQ:AKRX investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
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 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.
Akorn, Inc. reported that its annual Total Revenue rose from $31.71 million in 2013 to $601.93 million in 2014 and that its respective Net Income declined from $52.36 million to $40.92 million.
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 $41.18 per share on March 13, 2015.
Those who purchased shares of Akorn, Inc. (NASDAQ:AKRX) have certain options and should contact the Shareholders Foundation.
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