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Notice for Third Quarter 2015 Expected Due to Akorn’s Ongoing Restatement Process
Akorn, Inc. (Nasdaq:AKRX) has 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.
