Welcome to the In re Akorn, Inc. Securities Litigation Website
Your rights may be affected by legal proceedings in this litigation:
ALL PERSONS OR ENTITIES WHO PURCHASED OR ACQUIRED SHARES OF AKORN, INC'S COMMON STOCK BETWEEN MAY 6, 2014 AND APRIL 24, 2015, BOTH DATES INCLUSIVE, AND WHO WERE DAMAGED THEREBY.
Summary of the Action
The Action is a securities fraud class action lawsuit that was commenced on March 4, 2015. On August 24, 2015, pursuant to the lead plaintiff provisions of the Private Securities Litigation Reform Act of 1995 (“PSLRA”), the Court appointed the Akorn Investor Group, currently consisting of Mikolaj Sarzynski, J. M. Cunniff, Jr., and Elizabeth Cunniff (“Class Plaintiffs” or “Plaintiffs”), as lead plaintiff. The Court also appointed Class Plaintiffs’ counsel, Pomerantz LLP and Glancy Prongay & Murray (together, “Class Counsel”), as co-lead counsel.
On July 5, 2016, Class Plaintiffs filed their amended consolidated complaint (“Amended Complaint”) on behalf of the putative class against Defendants Akorn, Inc. (“Akorn”), Rajat Rai, and Timothy A. Dick. The Amended Complaint asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 related to alleged misrepresentations and omissions made to Akorn investors between May 6, 2014 and April 24, 2015 (the “Class Period”), regarding inaccuracies in Akorn’s reported financial results and material weaknesses in Akorn’s internal controls over financial reporting during the Class Period.
On November 17, 2017, Class Plaintiffs and Defendants entered into a Stipulation of Settlement whereby, in consideration for the full release and discharge of all claims, Defendants will provide the Class with a payment of $24,000,000 in cash.
If you are a member of the Class and wish to share in the Settlement proceeds, you must have submitted a Claim Form postmarked no later than April 20, 2018, establishing that you are entitled to recovery. As further described in the Notice of Proposed Settlement of Class Action, Motion for Attorneys’ Fees and Expenses, and Final Approval Hearing (the “Notice”), you will be bound by any judgment entered in the Action, regardless of whether you submit a Claim Form, unless you have excluded yourself from the Class, in accordance with the procedures set forth in the Notice, must have been postmarked by no later than March 12, 2018. Any objections to the Settlement, Plan of Allocation or attorney’s fees and expenses must have been filed, in accordance with the procedures set forth in the Notice, no later than March 12, 2018.
How do I obtain more information?
If you would like more information, you may contact the Settlement Administrator by calling toll-free 1-833-807-3689, emailing firstname.lastname@example.org or mailing a letter to:
In re Akorn, Inc. Securities Litigation
c/o JND Legal Administration
PO Box 6847
Broomfield, Colorado 80021
A copy of the Notice is available on the Important Documents page. Inquiries should NOT be directed to the Court, the Clerk of the Court, or Defendants.