March 4, 2014 (Shareholders Foundation) - An investigation on behalf of investors of Akorn, Inc. (NASDAQ:AKRX) shares over potential securities laws violations by Akorn, Inc. and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Akorn, Inc. (NASDAQ:AKRX) concerning whether a series of statements by Akorn, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Akorn, Inc. reported that its annual Total Revenue rose from $86.41 million in 2010 to $317.71 million in 2013 and that its respective Net Income increased from $21.82 million to $52.36 million.

Shares of Akorn, Inc. (NASDAQ:AKRX) grew from $1.33 per share in February 2010 to as high as $27.81 per share on February 24, 2014.

Then on March 3, 2014, Akorn, Inc. reported financial results for the fourth quarter and year-ended December 31, 2013. The same day Akorn, Inc. also disclosed in a filing with the SEC that it is unable to timely file its annual report for the year ended December 31, 2013 because it has identified control deficiencies related to 'the completeness and accuracy of underlying data used in the determination of certain significant estimates and accounting transactions as well as the existence of inadequate segregation of duties.' Akorn stated that it believes these deficiencies constitute material weaknesses in its internal controls over financial reporting.

Shares of Akorn, Inc. (NASDAQ:AKRX) declined from $27.02 per share on February 28, 2014, to as low as $21.89 per share on March 3, 2014.