The Settlement Fairness Hearing is Scheduled for December 3, 2019 at 9:30 a.m. in Courtroom 1725 Before Judge Steven C. Seeger
(please note this reflects a change to the courtroom and the presiding judge)
The information contained on this website is only a summary of the 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
The Notice relates to the proposed Settlement in the pending securities class action brought by Lead Plaintiffs on behalf of investors in Akorn common stock alleging that the Defendants violated the federal securities laws. The Action asserts fraudulent conduct arising from Akorn’s alleged material misrepresentations and omissions during the Class Period that, among other things, Akorn was in compliance with regulations established by the U.S. Food and Drug Administration (“FDA”).
Subject to Court approval, and as described more fully in the Notice, Plaintiffs in the Action have reached a proposed settlement with Defendants (the “Settlement”), that, if approved by the Court, will resolve all claims in the Action. 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 from approximately $53.6 million to $155.5 million in recovery to the Settlement Class, as described in the Notice. The ultimate total value of the Settlement will be determined by the price of Akorn common shares on the dates they are issued to the Settlement Class as partial consideration for the Settlement and whether other conditions are met for the contingent future components of the Settlement. The proposed plan of allocation (the “Plan of Allocation”) is set forth on pages 19-24 of 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 timely complete and return the Claim Form with adequate supporting documentation postmarked no later than January 24, 2020. A Claim Form is included with the Notice, or you may obtain one from the Important Documents section of this website, or you may request that a Claim Form be mailed to you by calling the Claims Administrator, JND Legal Administrator, at 1-844-961-0314. Please retain all records of your ownership of and transactions in Akorn common stock, as they may be needed to document your Claim.
|YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:
|SUBMIT A PROOF OF CLAIM FORM POSTMARKED NO LATER THAN JANUARY 24, 2020. ONLY ONE PROOF OF CLAIM FORM NEEDS TO BE SUBMITTED.
||This is the only way to be eligible to receive a payment from the proceeds of the Settlement. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (defined in ¶ 27 of the Notice) that you have against the Defendants and the other Released Persons (defined in ¶ 28 of the Notice), so it is in your interest to submit a Proof of Claim Form.
|EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN NOVEMBER 12, 2019.
||If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that allows you ever to be part of any other lawsuit against any of the Defendants or the other Released Persons concerning the Released Plaintiffs’ Claims.
|OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN NOVEMBER 12, 2019.
||If you do not like the Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them. You cannot object to the Settlement, the Plan of Allocation, or the fee and expense request unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class.
GO TO A HEARING ON DECEMBER 3, 2019. FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN NOVEMBER 12, 2019.
|Filing a written objection and notice of intention to appear by November 12, 2019 allows you to speak in Court, at the discretion of the Court, about the fairness of one or more of the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection.
||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.