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According to the Complaint, the Company made false and misleading statements to the market. Akorn downplayed the severity of violations at its Decatur, Illinois, manufacturing facility, misleading investors. The Company’s response to the FDA’s Form 483, which detailed the agency’s inspection of the facility, was found to be inadequate by the regulator. In fact, the Company repeatedly failed to correct manufacturing problems at this plant. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Akorn, investors suffered damages.
INVESTIGATION ALERT: The Schall Law Firm Announces it is Investigating Claims Against Akorn, Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm
Los Angeles, January 30, 2019 — The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Akorn, Inc. (“Akorn” or “the Company”) (NASDAQ: AKRX) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Akorn disclosed that it received an FDA warning letter on January 9, 2019, based on an inspection of the Company’s manufacturing facility located in Decatur, Illinois. The inspection and subsequent warning letter revealed that Akorn had failed to follow federal regulations on drug manufacturing, despite having communicated the opposite to shareholders. Based on this news, shares of Akorn fell more than 11.6% the same day.
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We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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Brian Schall, Esq.
Sherin Mahdavian, Esq.
The Schall Law Firm