Akorn Seeks OK On $30M Deal Over Failed Merger

Law360 (August 12, 2019, 5:52 PM EDT) -- Pharmaceutical manufacturer Akorn Inc. and its investors settled a suit that would provide $30 million in cash and distribute more than 8 million shares of Akorn stock to class members, according to a motion for preliminary approval filed Friday in Illinois federal court.

The settlement brings an end to investors' claims that an investigation into the generic drugmaker's U.S. Food and Drug Administration compliance practices dashed hopes for a merger with German pharmaceutical company Fresenius and dramatically reduced the value of Akorn shares.

The value of the settlement, according to the investors, would be between $53.6 million and $155.4 million, depending on the final value of...

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