NEW YORK, NY / ACCESSWIRE / February 14, 2018 / Pomerantz LLP and Glancy Prongay & Murray LLP announce that the United States District Court for the Northern District of Illinois, Eastern Division, has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of Akorn, Inc. (NASDAQ: AKRX):
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT, SETTLEMENT FAIRNESS HEARING, AND MOTION FOR AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES
TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR ACQUIRED SHARES OF AKORN INC.'S COMMON STOCK BETWEEN MAY 6, 2014 AND APRIL 24, 2015, BOTH DATES INCLUSIVE, AND WHO WERE DAMAGED THEREBY.
Excluded from the Class are Defendants, the officers and directors of the Company, at all relevant times, members of their immediate families and their legal representatives, heirs, successors or assigns and any entity in which Defendants have or had a controlling interest.
PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.
YOUR RIGHTS MAY BE AFFECTED BY PROCEEDINGS IN THIS ACTION.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Northern District of Illinois, Eastern Division, that a hearing will be held on April 2, 2018, at 10:00 a .m., before the Honorable Gary Feinerman, United States District Court Judge, at the courthouse for the United States District Court for the Northern District of Illinois, Eastern Division, 219 South Dearborn Street, Chicago, Illinois 60604, in the above-captioned Action (the "Action") for the purpose of determining, among other things: (1) whether the proposed Settlement of the Action for $24 million, as set forth in the Stipulation of Settlement filed with the Court, should be approved as fair, reasonable, and adequate; (2) whether the Plan of Allocation of the Net Settlement Fund is fair and reasonable and should be approved; (3) whether the application by Class Counsel for an award of attorneys' fees and expenses should be approved; (4) whether Class Plaintiffs' application for a reimbursement of costs and expenses should be approved; and (5) whether the Action should be dismissed on the merits and with prejudice as to Defendants.
If you purchased or acquired Akorn, Inc. common stock between May 6, 2014 and April 24, 2015, both dates inclusive, your rights may be affected by the Settlement of this Action. If you have not received a detailed Notice of Proposed Settlement of Class Action, Motion for Attorneys' Fees and Expenses, and Final Approval Hearing (the "Notice") and a copy of the Proof of Claim and Release Form ("Claim Form"), you may obtain copies by writing to the Settlement Administrator at: In re Akorn, Inc. Securities Litigation c/o JND Legal Administration PO Box 6847, Broomfield, Colorado 80021, by calling 1-833-807-3689, or by visiting www.akornsecuritieslitigation.com.
If you are a member of the Class and wish to share in the Settlement money, you must submit a Claim Form postmarked no later than April 20, 2018, establishing that you are entitled to recovery. As further described in the Notice, you will be bound by any judgment entered in the Action, regardless of whether you submit a Claim Form, unless you exclude yourself from the Class, in accordance with the procedures set forth in the Notice, postmarked no later than March 12, 2018. Any objections to the Settlement, Plan of Allocation or attorney's fees and expenses must be filed, in accordance with the procedures set forth in the Notice, no later than March 12, 2018.
Inquiries, other than requests for the Notice, may be made to Class Counsel: Joshua L. Crowell, Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, [email protected]; or Patrick V. Dahlstrom, Pomerantz LLP, 10 South La Salle Street, Suite 3505, Chicago, Illinois 60603, [email protected].
INQUIRIES SHOULD NOT BE DIRECTED TO THE COURT, THE CLERK'S OFFICE, THE DEFENDANTS, OR DEFENDANTS' COUNSEL.
Dated: December 1, 2017 BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF NORTHERN ILLINOIS, EASTERN DIVISION
The Pomerantz Firm, with offices in New York, Paris, Chicago, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
SOURCE: Pomerantz LLP