WILMINGTON, Del., June 22, 2017 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the Middle District of Louisiana on behalf of holders of Akorn, Inc. (“Akorn”) (Nasdaq:AKRX) common stock in connection with the proposed transaction pursuant to which Akorn will be acquired by Fresenius Kabi AG (“Parent”) through Parent’s wholly-owned subsidiary, Quercus Acquisition, Inc. (“Merger Sub,” and together with Parent, “Fresenius”), announced on April 24, 2017 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against Akorn, its Board of Directors (the “Board”), and Fresenius, is captioned Berg v. Akorn, Inc., Case No. 3:17-cv-00350-BAJ-RLB (M.D. La.).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242, by e-mail at info@rl-legal.com, or at http://rigrodskylong.com/contact-us/.
On April 24, 2017, Akorn entered into an agreement and plan of merger (the “Merger Agreement”) with Fresenius. Pursuant to the Merger Agreement, shareholders of Akorn will receive $34.00 per share in cash (the “Proposed Transaction”).
Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a proxy statement (the “Proxy Statement”) filed with the United States Securities and Exchange Commission on May 22, 2017. The Complaint alleges that the Proxy Statement, which recommends that Akorn stockholders vote in favor of the Proposed Transaction, omits material information necessary to enable shareholders to make an informed decision as to how to vote on the Proposed Transaction, including material information with respect to Akorn’s financial projections, the analyses performed by Akorn’s financial advisor, and the background of the Proposed Transaction. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of Akorn common stock.
If you wish to serve as lead plaintiff, you must move the Court no later than August 21, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities fraud, shareholder corporate, and shareholder derivative litigation on behalf of shareholders in state and federal courts throughout the United States.
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