Defendant Name:
Akorn, Inc.
Defendant Type:
Public Company
SIC Code:
2834
CUSIP:
00972810
Document Reference:
LR-24082
Document Details
Legal Case Name
SEC v. Akorn, Inc., Timothy Dick, and David Hebeda
Document Name
Pharmaceutical Company and its Former CFO and Controller Agree to Settle to Reporting and Accounting Control Violations
Document Date
26-Mar-2018
Document Format
Civil Proceeding
Case Number
18-cv-02150
Federal District Court
Illinois, Northern District of Illinois
AAER
3931
Allegation Type
Issuer Reporting and Disclosure
Document Summary
"According to the Commission's complaint, in May 2016, Akorn restated its financial statements for fiscal year 2014 acknowledging material weaknesses in its internal control over financial reporting related, in relevant part, to controls surrounding the company's gross-to-net reserve accounts and estimates. In its restatement, the company also disclosed that it overstated net revenue for 2014 by approximately 7 percent and income from continuing operations before income taxes for 2014 by approximately 136 percent. Akorn's material weaknesses persisted over multiple reporting periods and contributed to Akorn's materially inaccurate 2014 financial statements."
Disgorgement & Penalty Information
Other Defendants in Action: