Shares of Akorn (AKRX) are down 20% following an appeals court hearing in Delaware on Wednesday regarding Fresenius (FSNUY) being allowed to terminate the companies’ merger agreement. In the appeals hearing, Akorn argued that a trial judge improperly rewrote state law and used “guesswork” in permitting Fresenius to walk away, according to a recount of events provided by Bloomberg. “Akorn seems to be facing an uphill battle because it’s not just one finding they need to overcome, but there seems to be several independent basis for lower court findings,” MDC Financial Research’s Michael Cohen told Bloomberg in a phone interview. Separately, RBC analyst Randall Stanicky stated that the arguments at the appeal were largely “recycled” from the trial, but that Akorn appeared to face the “higher burden” of questioning, Bloomberg added. In afternoon trading the day after the hearing, Akorn shares have slid $1.30, or 20%, to $5.18. On October 1, Delaware Chancery Court Judge Travis Laster ruled that Fresenius had proper grounds for canceling its $34 per share buyout of the generic drugmaker.