Akorn Seeks Del. Ch. 11 OK For $9M Stockholder Suit Deal
By Jeff Montgomery (October 1, 2020, 6:52 PM EDT) -- Bankrupt biopharmaceutical company Akorn Inc. sought a Delaware court's approval late Wednesday for an at least $9 million global settlement of holdout-stockholder suits targeting the company for regulatory and data integrity failures that collapsed its $4.3 billion merger agreement with Fresenius Kabi AG in 2017.
In a motion filed in U.S. Bankruptcy Judge Karen B. Owens' court, Akorn said $9 million was the limit of its available insurance for the cases, creating a cap on total payments available to stockholders who sued. Savings on legal defense fees for directors and officers could be added to the total, however..
The suits the...
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