Akorn drops after Fresenius accuses of fraudulent data submission - InvestingChannel

Akorn drops after Fresenius accuses of fraudulent data submission

Shares of Akorn (AKRX) dropped after Fresenius (FSNUY) accused the company in court of submitting fraudulent data to the FDA. Fresenius’ said its investigation found an unnamed Akorn executive “knowingly directed the submission of fraudulent testing data” about its azithromycin product to the FDA in 2012, Bloomberg reported, citing documents unsealed in Delaware Chancery Court. Fresenius terminated its $4.3B buyout of Akron following its investigation. Akorn, last week in court, argued Fresenius wrongfully pulled out of the deal because of buyer’s remorse. Shares of Akorn are down 5%, or 72c, to $14.04 in morning trading.