Glancy Prongay & Murray LLP (GPM), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired Akorn, Inc. (Akorn or the Company) (NASDAQ: AKRX) securities August 1, 2018 and January 8, 2019, inclusive (the Class Period). Akorn investors have until April 22, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
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 per share or over 11.6% to close at $3.48 per share on January 9, 2019, thereby injuring 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.
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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. To be a member of the Class 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. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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