Akorn's $30M Investor Deal Over Failed Merger Gets 1st OK
Law360 (August 26, 2019, 5:04 PM EDT) -- An Illinois federal judge granted preliminary approval on Monday to a settlement that would provide Akorn Inc.'s investors $30 million in cash and resolve claims that the drugmaker's misconduct sunk a multibillion-dollar merger.
U.S. District Judge Matthew F. Kennelly's order certifies a settlement class of investors who purchased Akorn stock between Nov. 3, 2016, and Jan. 8, 2019, the time period during which Akorn is alleged to have lied about information submitted to the U.S. Food and Drug Administration that hid "widespread and systemic data integrity problems" in an attempt to sell the company to German pharmaceutical company Fresenius Kabi AG....
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