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Akorn, former executives settle SEC lawsuit over financial reporting

Akorn Inc., its former CFO Timothy Dick and former controller David Hebeda have agreed to settle a civil action lawsuit filed by the Securities and Exchange Commission in the U.S. District Court for the Northern District of Illinois.

The lawsuit was based on financial reporting, books and records and internal accounting controls violations by Akorn.

Akorn, Dick and Hebeda agreed to settle the charges without admitting or denying the SEC's allegations.

The SEC's complaint said that Akorn in May 2016 restated its financial statements for the fiscal year 2014, acknowledging material weaknesses in its internal control over financial reporting related, in relevant part, to controls surrounding its gross-to-net reserve accounts and estimates.

Akorn disclosed in the restatement that it had overstated net revenue for 2014 by about 7% and income from continuing operations before income taxes for 2014 by about 136%.

In addition, the SEC's complaint claims that Dick and Hebeda had supervisory responsibilities for Akorn's internal accounting controls, gross-to-net revenue accounting and revenue recognition in 2014 and exercised control over these company functions.

The Illinois-based company consented to the entry of an order that permanently enjoined it from violations of the financial reporting, books and records and internal accounting controls provisions of the Exchange Act. Meanwhile, Dick and Hebeda consented to the entry of orders that permanently enjoins them from controlling any person liable for violations of these provisions.

Dick and Hebeda also consented to the entry of an order that imposes a $20,000 civil penalty against each of them.

Akorn is a specialty generic pharmaceutical company that develops, manufactures, and markets specialized generic and branded pharmaceuticals, over-the-counter drug products and animal health products.