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Stockreport

Robbins Arroyo LLP Is Investigating the Officers and Directors of Akorn, Inc. (AKRX) on Behalf of Shareholders

AKORN (AKRX)  More Company Research Source: Business Wire
US:NASDAQ Investor Relations: investors.akorn.com
PDF SAN DIEGO & LAKE FOREST, Ill.--(BUSINESS WIRE)-- Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Akorn, Inc. (NasdaqGS: AKRX) breached their fiduciary duties to shareholders. In a landmark ruling last week, a Delaware Court determined that Fresenius SE could walk away from its $4.3 billion deal to buy pharmaceutical manufacturer Akorn. Soon after the parties signed the deal documents, Akorn's financials slumped dramatically. When Fresenius found that Akorn had breached U.S. Food and Drug Administration data integrity requirements, the company terminated the deal due to Akorn's "failure to fulfill several closing conditions." The court agreed that Fresenius validly ended the merger agreement because Akorn's regulatory compliance representations were false. On this news, Akorn's shares plummeted over 58% to $5.36, their lowest level in seven years. [Read more]

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