NEW YORK, April 27, 2015 /PRNewswire/ — Harwood Feffer LLP ( www.hfesq.com) is investigating potential claims against the board of directors of Akorn, Inc. (“Akorn” or the “Company”) (NASDAQ: AKRX), concerning whether the board has breached its fiduciary duties to shareholders.
On March 3, 2014, the Company disclosed that it is unable to timely file its Form 10-K for the year ended December 31, 2013 because it has identified control deficiencies related to “the completeness and accuracy of underlying data used in the determination of certain significant estimates and accounting transactions as well as the existence of inadequate segregation of duties.” Akorn stated that it believes these deficiencies constitute material weaknesses in its internal controls over financial reporting.
On April 20, 2015, the Audit Committee of Akorn’s Board of Directors concluded that the Company’s financial statements for the quarters ending in June, September, and December 2014, as well as for the year 2014, contained errors and should not be relied on. According to the Company, an initial assessment of the impact of the accounting errors reveals that they resulted in an overstatement of net revenue of $20-35 million during 2014.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own Akorn shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
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Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website ( http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP