LAKE FOREST, Ill., March 07, 2016 (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-K for the year ended December 31, 2015 with the Securities and Exchange Commission (SEC) by February 29, 2016.
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. As previously disclosed, it remains Akorn’s goal to file the necessary periodic reports with the SEC by the May 9, 2016 extension previously granted by the Nasdaq Stock Market.
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 and other statements regarding Akorn's 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 SEC 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.