Current Report Filing (8-k)
March 13 2020 - 5:15PM
Edgar (US Regulatory)
false000000311600000031162020-03-132020-03-13
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event Reported): March 13, 2020
Akorn, Inc.
(Exact Name of Registrant as Specified in Charter)
(847) 279-6100
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the
Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
As previously disclosed, Akorn, Inc. (the “Company”) and certain current and
former Company officers and directors are named defendants in a putative class action litigation captioned In re Akorn, Inc. Data Integrity Securities Litigation,
C.A. No. 18-cv-1713 (N.D. Ill.) (the “Securities Class Action”), filed in the United States District Court for the Northern District of Illinois (the “Court”). On August 9, 2019, the Company and the other defendants in the Securities Class Action entered into a Stipulation and Agreement of Settlement (the “Settlement Agreement”) to resolve the Securities Class Action and the claims of the putative class. On August 26, 2019, the Court, among other things, preliminarily approved the
settlement, subject to final approval at a settlement hearing (the “Settlement Hearing”) to be held at a later date.
On March 6, 2020, lead plaintiffs in the Securities Class Action issued a press release via PR Newswire and instructed the settlement claims administrator to update the settlement website to notify the putative class that the Settlement Hearing had been scheduled for March 13, 2020. Between March 9,
2020 and March 12, 2020, entities affiliated with two of the six institutional investors who had previously requested exclusion from the settlement withdrew their requests for exclusion.
At the Settlement Hearing on March 13, 2020, the Court granted the lead plaintiff’s unopposed motion for final approval of the class action settlement
and plan of allocation, certified a plaintiffs’ class for settlement purposes, found the settlement consideration fair, reasonable and adequate, and approved lead plaintiff’s application for an award of attorneys’ fees and litigation expenses. Later
on March 13, 2020, the Court entered a final order and judgment.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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