NEW YORK, Sept. 7, 2001 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Northern District of Illinois on behalf of all purchasers of Akorn, Inc. ("Akorn" or the "Company") (Nasdaq:AKRN) securities between February 20, 2001 and May 22, 2001, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning Akorn's financial results and business prospects. Specifically, the complaint alleges that Akorn's financial statements for the year ended December 31, 2000 were materially false and misleading because they were not presented in conformity with Generally Accepted Accounting Principles ("GAAP") as well as the rules and regulations of the United States Securities and Exchange Commission ("SEC"). As a result, the price of the Company's common stock was artificially inflated throughout the Class Period.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Akorn securities between February 20, 2001 and May 22, 2001, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased Akorn securities during the Class Period, you may, not later than October 9, 2001, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail Avozz@faruqilaw.com www.faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca