Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Akron, Inc. (AKRX) To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Akorn, Inc. (“Akorn” or the “Company”) (Nasdaq: AKRX) of the May 4, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Akorn and certain executives.
A complaint has been filed in the Northern District of Illinois on behalf of all persons who purchased or otherwise acquired Akorn securities between April 17, 2014 and March 2, 2015, inclusive (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, Akorn made false and/or misleading statements and/or failed to disclose that: (i) as of December 31, 2014, after it acquired two companies, Akorn had not yet integrated those new subsidiaries into Akorn’s centralized accounting department and accounting systems; (ii) certain financial and other related data related to the new subsidiaries were not timely collected and compiled; (iii) because of those issues, Akorn was unable to complete its assessment of the effectiveness of its internal control over financial reporting as of December 31, 2014 in a timely manner; and (iv) the Company’s internal control over financial reporting was ineffective and material weaknesses existed in regards 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.
On March 2, 2015, Akron announced that it had filed a Notification of Late Filing in connection with its Form 10-K for the year ended December 31, 2014 due to delays in collecting and compiling certain financial information relating to its new subsidiaries.
Following this news, the price of the Company’s stock declined by $4.38 or over 8%, to close at $49.33 on March 3, 2015.
If you invested in Akorn stock, bonds or options between April 17, 2014 and March 2, 2015 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Akorn’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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