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Akorn Reaches Settlement with the SEC Following Investigation into Accounting Restatements

On March 26, 2018, Cravath client Akorn, Inc. (“Akorn”), a U.S.-based manufacturer and marketer of prescription and over-the-counter pharmaceutical products, reached a settlement in a civil action brought by the Securities and Exchange Commission (“SEC”) 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.

The Cravath team was led by partner David M. Stuart 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.