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Keywords & Phrases
CaseNo: AI59614, CourtName: CLASS ACTION CASES, State: NJ New Jersey, UniqueCaseRef: LCD>AI59614, Akorn, Securities, Exchange, Class Action, Reports, Materials, Representations, Gaap, Debt, Class Period, Market Price, Concepts Statement, Misrepresentations, Misleading, Exchange Act, Chargebacks, United States, States District Court, Floyd Benjamin, Allegations, Violations, Material Facts, Year-end Press, Compliance, Receivables, Consisting, Alpharma, Entry, Ingrid Wiik, Gert, Munthe, Einar, Sissener, Jeffrey, Smith, Schmalz, District, Docket, Assignment, Judge, Joseph, Jury Demand , ContentID: 120246183

Case Documents
1 2001-02-20 COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 114241
22 pages
PDF
2 2001-02-15 DOCKET
[ see first page and extracted highlights below  ] ItemID: 114242
2 pages
PDF
Total Documents: 2 documents , 24 pages
Price: $ 24.95


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1 . COMPLAINT

EXTRACTED KEY WORDS
AKORN
SECURITIES
PLAINTIFF
EXCHANGE
CLASS ACTION
REPORTS
MATERIALS
MEMBERS
REPRESENTATIONS
GAAP
DEBT
COUNSEL
CLASS PERIOD
MARKET PRICE
CONCEPTS STATEMENT
MISREPRESENTATIONS
MISLEADING
EXCHANGE ACT
CHARGEBACKS
UNITED STATES
STATES DISTRICT COURT
FLOYD BENJAMIN
ALLEGATIONS
VIOLATIONS
MATERIAL FACTS
YEAR-END PRESS
COMPLIANCE
RECEIVABLES
CONSISTING
                            UNITED STATES DISTRICT COURT
                            NORTHERN DISTRICT OF ILLINOIS

 MICHELLE GOLUMBUSKI, individually and on                   Civil Action No.___________
behalf of all others similarly situated,
                                                            CLASS ACTION COMPLAINT
                      Plaintiff,
                                                            JURY TRIAL DEMANDED
                            v.

AKORN, INC., FLOYD BENJAMIN, and JOHN
KAPOOR, PH.D.,

                      Defendants.




       Plaintiff, individually and on behalf of all others similarly situated, by her

undersigned counsel, alleges the following on information and belief (except for those

allegations pertaining to plaintiff, which are based on personal knowledge), after due

investigation by her counsel.  The investigation included a review and analysis of public

statements and corporate documents of defendants, including various public filings by

the corporate defendant with the United States Securities and Exchange Commission

("SEC"), and analysts reports, and other review and analysis of materials concerning

the defendants named herein and the allegations set forth below, including newspaper

articles and articles in financial publications.

                                     NATURE OF THE ACTION

       1.      Plaintiff brings this action on her own behalf and as a class action on

behalf of a class (the "Class") consisting of plaintiff and all other persons or entities who

purchased the securities of defendant Akorn, Inc. ("Akorn" or "the Company"), during



the period from February 20, 2001 through May 22, 2001, inclusive (the "Class Period"),

to recover damages caused to the Class by defendants' violations of the federal
SNIPPETS:
  • UNITED STATES DISTRICT COURT
  • AKORN, INC., FLOYD BENJAMIN, and JOHN
  • Plaintiff, individually and on behalf of all others similarly situated, by her
  • allegations pertaining to plaintiff, which are based on personal knowledge), after due
  • investigation by her counsel.
  • statements and corporate documents of defendants,
  • the corporate defendant with the United States Securities and Exchange Commission
  • , and analysts reports, and other review and analysis of materials concerning
  • behalf of a class consisting of plaintiff and all other persons or entities who
  • This Court has jurisdiction pursuant to Section 27 of the Exchange Act,
  • the violations of law complained of herein were disseminated through defendants'
  • Period at prices that were artificially inflated by defendants' misrepresentations set forth
  • Defendant Floyd Benjamin was Akorn's President and Chief
  • Plaintiff brings this action as a class action under Rules 23and 23
  • The Class is so numerous that joinder of all members is impracticable.
  • Akorn had 19.3 million shares outstanding during the Class Period.
  • misrepresenting material facts;
  • Defendants' Misrepresentations in the 2000 Year-End Press Release
  • that those results were presented in compliance with GAAP.
  • The 2000 10-K also represented that Akorn's 2000 Provision for Bad Debt
  • The 2000 10-K also represented that Akorn's allowance for chargebacks
  • As a direct result of that disclosure, the market price of Akorn stock
  • customer only accounted for 12% of its sales and 22% of its receivables.
  • were materially false and misleading because they failed to comply with GAAP.
  • not prepared in compliance with GAAP are presumed to be misleading and inaccurate.
  • These representations were materially false and misleading.
  • (FASB's Statement of Concepts ("Concepts Statement")
  • These reports disclosed the

  • 2 . DOCKET

    EXTRACTED KEY WORDS
    DEFENDANT
    ENTRY
    INGRID WIIK
    GERT
    MUNTHE
    EINAR
    SISSENER
    JEFFREY
    SMITH
    SCHMALZ
    DISTRICT
    DOCKET
    ASSIGNMENT
    JUDGE
    JOSEPH
    JURY DEMAND
    EMANUEL SCHMALZ
    INDIVIDUALLY JOSEPH
    DEPALMA
    COR
    NTC
    JURY DEMAND FILING
    DEMAND FILING FEE
    CERTIFICATE
    NON-ARBITRABILITY
    ALLOCATION
    MAGISTRATE
    DONALD HANEKE
    COUNSEL
    
    
    
    Docket as of February 15, 2001 11:10 pm               Page 1
     Proceedings include all events.                                   12BB
    2:00cv5657 SCHMALZ v. ALPHARMA, INC., et al
                                                                 12BB
                           U.S. District Court
                     District of New Jersey (Newark)
                    CIVIL DOCKET FOR CASE #: 00-CV-5657
     SCHMALZ v. ALPHARMA, INC., et al                            Filed:
    11/16/00
    Assigned to: Judge Joseph A. Greenaway, Jr.  Jury demand: Plaintiff
    Demand: $0,000                               Nature of Suit:  850
    Lead Docket: None                            Jurisdiction: Federal
    Question
     Cause: 15:78m(a) Securities Exchange Act
      EMANUEL SCHMALZ, Individually     JOSEPH J. DEPALMA
    and On Behalf of All Others       [COR LD NTC]
    Similarly Situated                LITE, DEPALMA, GREENBERG &
         plaintiff                    RIVAS, LLC
                                      TWO GATEWAY CENTER
                                      12TH FLOOR
                                      NEWARK, NJ 07102-5003
                                      (973) 623-3000
         v.
      ALPHARMA, INC.
         defendant
      INGRID WIIK
         defendant
      GERT W. MUNTHE
         defendant
      EINAR W. SISSENER
         defendant
      JEFFREY E. SMITH
         defendant
       Docket as of February 15, 2001 11:10 pm               Page 2
    
    
    
    
    
    
    
    
    
    
    Proceedings include all events.                                   12BB
    2:00cv5657 SCHMALZ v. ALPHARMA, INC., et al
    
    SNIPPETS:
  • 2:00cv5657 SCHMALZ v. ALPHARMA, INC., et al
  • U.S. District Court
  • Judge Joseph A. Greenaway,
  • Jury demand: Plaintiff
  • EMANUEL SCHMALZ, Individually JOSEPH J. DEPALMA and On Behalf of All Others [COR LD NTC]
  • ALPHARMA, INC. defendant
  • GERT W. MUNTHE
  • 2:00cv5657 SCHMALZ v. ALPHARMA, INC., et al 11/16/00 1 COMPLAINT filed; jury demand FILING
  • 11/16/00 2 CERTIFICATE of NON-ARBITRABILITY [Entry date
  • 11/16/00 3 NOTICE of Allocation and Assignment filed.
  • Magistrate
  • Judge G. DONALD HANEKE 11/21/00 -- SUMMONSissued for ALPHARMA, INC., INGRID WIIK,
  • MUNTHE, EINAR W. SISSENER, JEFFREY E. SMITH
  • (Mailed to Counsel)
  • Answer due on 12/20/00 for INGRID WIIK [END OF DOCKET: 2:00cv5657]
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