PHILADELPHIA, Nov. 12, 2018 (GLOBE NEWSWIRE) -- Akorn’s common stock shares (NasdaqGS: AKRX) fell more than 58%, closing at $5.36 on October 1, 2018, on news of a recent Delaware Court ruling that determined that Fresenius SE could walk away from its $4.3 billion deal to buy pharmaceutical manufacturer Akorn.
Then, on November 5, 2018, a Motley Fool report in Yahoo! Finance reported:
Shares of Akorn (NASDAQ: AKRX) fell over 48% last month, according to data provided by S&P Global Market Intelligence. The news wasn't that surprising: On the first day of October, a judge ruled that German healthcare giant Fresenius could walk away from its bid to acquire the smaller drug company for $4.75 billion. The company's stock plunged almost 60% on the news and its market cap fell to $700 million.
Further, Motley Fool reported that “. . . although the merger had been agreed to, Fresenius' due diligence uncovered evidence that Akorn had falsified data submitted to the U.S. Food and Drug Administration to gain marketing approval for certain drug products. The company announced in April that it had decided to terminate the agreement as a result.”
Akorn, Inc. Investors and Shareholders
If you are a long-term stockholder of Akorn, Inc., you are encouraged to contact John Kehoe, Esq., (215) 792-6676, Ext. 801, jkehoe@kehoelawfirm.com, info@kehoelawfirm.com, to learn more about Kehoe Law Firm’s investigation and your potential legal claims.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at the Firm have been lead or co-lead counsel in cases that have recovered more than $10 billion dollars on behalf of institutional and individual investors.
John A. Kehoe, Esq., Kehoe Law Firm, P.C.