LAKE FOREST, Ill., Nov. 13, 2015 (GLOBE NEWSWIRE) -- Akorn, Inc. (Nasdaq:AKRX) today announced that, as expected, it has received a notice from the Nasdaq Listing Qualifications Staff stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company did not timely file its Form 10-Q for the quarter ended September 30, 2015 with the SEC by November 9, 2015.
On April 24, 2015, Akorn announced that it will restate its previously issued financial statements for the annual period ended December 31, 2014 and the quarterly periods ended June 30, 2014, September 30, 2014 and December 31, 2014 due to errors identified during the first quarter 2015 financial review process. The errors will be corrected through amendments to the Forms 10-Q for the quarters ended June 30, 2014 and September 30, 2014 and the Form 10-K for the fiscal year ended December 31, 2014. These amended forms will be filed prior to the filing of any required financial reports for 2015. As previously disclosed, Akorn's goal is to file its restated 2014 financial results in the first quarter of 2016.
Also, as previously disclosed, the Nasdaq Staff formally notified the Company on November 3, 2015 that, in accordance with Listing Rule 5250(c)(1), the Company's securities would be subject to suspension and delisting unless the Company timely requested a hearing before the Nasdaq Listing Qualifications Panel. Akorn requested and has been granted a hearing before the Panel to address the Staff's November 3, 2015 determination. While the Company is diligently working to regain compliance with the Nasdaq Listing Rule 5250(c)(1), there can be no assurance that the Panel will grant the Company's request for continued listing pending its return to compliance. In accordance with Nasdaq Listing Rules, the Panel has the discretion to grant the Company an extension through early May 2016. Akorn plans to provide an update to investors and stakeholders following its receipt of the Panel's formal decision regarding the Company's continued listing on Nasdaq. Akorn does not expect the panel decision to be rendered until the first quarter of 2016.
About Akorn
Akorn, Inc. is a specialty generic pharmaceutical company engaged in the development, manufacture and marketing of multisource and branded pharmaceuticals. Akorn has manufacturing facilities located in Decatur, Illinois; Somerset, New Jersey; Amityville, New York; Hettlingen, Switzerland and Paonta Sahib, India where the Company manufactures ophthalmic, injectable and specialty sterile and non-sterile pharmaceuticals. Additional information is available on the Company's website at www.akorn.com.
Forward Looking Statements
This press release includes statements that may constitute "forward looking statements", including the expected timing of filings, the results of future Nasdaq hearings and determinations, and other statements regarding Akorn's launches, regulatory approvals, goals and strategy. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Factors that could cause or contribute to such differences include, but are not limited to: the difficulty of predicting the timing of the completion of our restatement, its impact on our financial results, and the timing of the related filings; costs, risks and uncertainties associated with pending litigation and investigation matters previously disclosed; changes in the laws and regulations and such other risks and uncertainties outlined in Akorn's periodic public filings with the Securities and Exchange Commission and in other written or oral investor communications. Other factors besides those listed there could also adversely affect our results. Except as expressly required by law, Akorn disclaims any intent or obligation to update these forward-looking statements.