Law Offices of Howard G. Smith reminds investors of the upcoming April 22, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Akorn, Inc. (Akorn or the Company) (NASDAQ: AKRX) securities between August 1, 2018 and January 8, 2019, inclusive (the Class Period).
Investors suffering losses on their Akorn investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On January 9, 2019, Akorn announced that it had received a warning letter “dated January 4, from the U.S. Food and Drug Administration (FDA) related to an inspection of its Decatur, Illinois manufacturing facility in April and May of 2018.” The warning letter from the FDA detailed a laundry list of “significant violations of current good manufacturing practice (CGMP) regulations for finished pharmaceuticals.” On this news, shares of Akorn fell $0.46, or more than 11.6%, to close at $3.48 per share on January 9, 2019, thereby damaging investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Companys business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Akorns management misled investors concerning the severity of Akorns manufacturing violations at its Decatur, Illinois facility; (2) Akorns responses to the FDAs Form 483which contained a list of observations made by the FDA during its inspection of Akorns Decatur, Illinois facility in April and May 2018would be deemed inadequate by the FDA; (3) Akorn repeatedly failed to correct manufacturing violations at this facility; (4) the foregoing would subject Akorn to heightened regulatory scrutiny by the FDA; and (5) as a result, Akorns public statements were materially false and misleading at all relevant times.
If you purchased shares of Akorn during the Class Period you may move the Court no later than April 22, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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