Akorn Inc. v. Securities and Exchange Commission


Cravath client Akorn, Inc. reached a settlement in a civil action brought by the Securities and Exchange Commission in the United States District Court for the Northern District of Illinois.

The complaint alleged financial reporting, books and records, and internal accounting controls violations in connection with Akorn’s accounting restatements for the fiscal year 2014. Akorn cooperated with the SEC and, pursuant to the settlement, did not admit or deny the SEC’s allegations or pay any financial sanction.

Akorn, Inc. is a niche pharmaceutical company that develops, manufactures, and markets generic and branded prescription pharmaceuticals. The company, led by Rajat Rai, Bruce Kutinsky and Duane A Portwood, in 2017 recorded $841 Million Revenues.

The Cravath team was led by partner David M. Stuart (Picture) and included partners John W. White, Daniel Slifkin and Antony L. Ryan; practice area attorneys Lindsay J. Timlin and Matthew J. Boggess; and associates M. Brent Byars, Gregg A. Fish, Clay H. Greenberg, Alyssa M. Pompei, Matthias Thompson and Max A. Winograd. Brendan R. Blake and Brooke E. Tay also worked on this matter.

Involved fees earner: David Stuart – Cravath Swaine & Moore; John White – Cravath Swaine & Moore; Daniel Slifkin – Cravath Swaine & Moore; Antony Ryan – Cravath Swaine & Moore; Lindsay Timlin – Cravath Swaine & Moore; Matthew Boggess – Cravath Swaine & Moore; Brent Byars – Cravath Swaine & Moore; Gregg Fish – Cravath Swaine & Moore; Clay Greenberg – Cravath Swaine & Moore;

Law Firms: Cravath Swaine & Moore;

Clients: Akorn Inc.;

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Author: Ambrogio Visconti