In re Akorn, Inc. Data Integrity Securities Litigation, No. 18-cv-01713 (U.S.D.C., N.D. Ill.)
E&C served as lead counsel in this federal securities class action brought on behalf of investors in generic pharmaceutical company Akorn, Inc. The action alleged that Akorn and certain of its current and former executives and directors violated Section 10(b) of the Securities Exchange Act of 1934 by issuing false and misleading statements concerning the company’s FDA data integrity and regulatory compliance practices. The revelation of Akorn’s systemic data integrity problems and the related impact on Akorn’s product pipeline led to more than a 90% drop in the company’s stock price, as well as the failure of its proposed merger with pharmaceutical company Fresenius Kabi AG.
After extensive discovery, class certification briefing and mediation, the parties agreed to settle the action for $27.5 million in cash, up to 8,735,705 shares of Akorn common stock, and certain Contingent Value Rights. On March 13, 2020, the Court granted final approval of the class action settlement and the deadline to file a claim form has passed.
Additional information regarding the Akorn settlement can be found at:
On May 20, 2020, Akorn filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware.
For information on filing a proof of claim in Akorn’s bankruptcy, please visit the claims administrator’s website at: