Update on the Distribution of Net Settlement Funds
The Court has approved the distribution of the net settlement funds to eligible Court-approved Claimants who qualified for an award under the Plan of Allocation. A distribution of funds has occurred on the following date/s:
February 18, 2021
April 13, 2022
If you submitted a Claim in this case and have any questions related to that Claim, please contact the Claims Administrator whose contact information is listed here below:
The information contained on this website is only a summary of certain information presented in more detail in the Notice of (i) Pendency of Class Action and Proposed Settlement; (ii) Settlement Fairness Hearing; and (iii) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
On March 13, 2020, the Court approved the Settlement in the securities class action brought by Lead Plaintiffs on behalf of investors in Akorn, Inc. common stock alleging that the Defendants violated the federal securities laws. In exchange for mutual releases provided by the Plaintiffs, Defendants and Settlement Class, including release by the Settlement Class of any claims against the Defendants, the Settlement Class will receive recovery consisting of cash, Akorn common shares, and contingent value rights. In total, the Settlement will provide at least $27.5 million in recovery to the Settlement Class, as described in the Notice.
The Settlement Class consists of:
All persons and entities who, during the period from November 3, 2016 through January 8, 2019, inclusive (the “Class Period”), purchased or otherwise acquired the common stock of Akorn, Inc. (“Akorn” or the “Company”), and were damaged thereby (the “Settlement Class”)
To be eligible for a payment from the proceeds of the Settlement, you must be a member of the Settlement Class and you must have completed and returned the Claim Form with adequate supporting documentation. The Court-ordered deadline to submit a Claim Form was March 5, 2020. Although the deadline to submit Claim Forms has passed, Class Members may still submit claims, which will be deemed “late” and, as such, you will not be assured of receiving any recovery.
|YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:
|SUBMIT A PROOF OF CLAIM FORM POSTMARKED NO LATER THAN MARCH 5, 2020. ONLY ONE PROOF OF CLAIM FORM NEEDS TO BE SUBMITTED.
||The deadline has passed. You may still submit a Proof of Claim Form, which will be deemed “late” and, as such, you will not be assured of receiving any recovery.
|EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN NOVEMBER 12, 2019.
||The deadline has passed.
|OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN NOVEMBER 12, 2019.
||The deadline has passed.
GO TO A HEARING ON MARCH 13, 2020 AT 10:00 A.M. FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN NOVEMBER 12, 2019.
|The Settlement was approved.
||If you are a member of the Settlement Class and you do not submit a valid Proof of Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.
How do I obtain more information?
Detailed information about the Action and the Settlement is contained in the Notice available for download on the Important Documents page on this website. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 1-844-961-0314 or emailing info@Akorn2019SecuritiesSettlementlitigation.com or mailing a letter to:
In re Akorn, Inc., Data Integrity Securities Litigation
c/o JND Legal Administration
P.O. Box 91207
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.