Akorn gets NASDAQ notice

LAKE FOREST - Akorn Inc. Monday announced that, as expected, it has received a notice from the Nasdaq Staff stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because the company has not yet filed its Form 10-Q for the quarter ended June 30, 2015, which was due on Aug. 10, 2015.

On April 24, Akorn announced that it will restate its previously issued financial statements for the annual period ended Dec. 31, 2014 and the quarterly periods ended June 30, 2014, Sept. 30, 2014 and Dec. 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 fiscal quarters ended June 30, 2014 and Sept. 30, 2014 and the Form 10-K for the year ended Dec. 31, 2014.

The amended forms will be filed prior to the filing of Akorn's Forms 10-Q for the fiscal quarters ended March 31, 2015 and June 30, 2015. Akorn will submit an update to Nasdaq regarding its plan to regain compliance with the filing requirement by Aug. 26, 2015. As announced on July 15, Nasdaq previously granted Akorn additional time to regain full compliance with the Nasdaq Listing Rules.

Under the terms of the extension, Akorn must file its Form 10-Q for the quarterly period ended March 31, 2015 and all other required periodic reports no later than Nov. 9, 2015. In the event Akorn does not timely satisfy the terms of the extension, the Nasdaq staff will provide written notification that Akorn's securities are subject to delisting, at which time Akorn may request a hearing before an independent Nasdaq hearings panel. The company's request for a hearing would stay any delisting action at least until the Panel renders a determination subsequent to the hearing.