Akorn Slips Pre-Market
Akorn shares declined in Tuesday’s pre-market session after the pharmaceutical company said late Monday it filed a notification of late filing with the Securities and Exchange Commission to extend the deadline to file its Form 10-K for 2014 to March 17, 2015.
In filing for the extension, the company cited “unforeseen delays in collecting and compiling certain financial and other related data that would be included in the Form 10-K relating to the VersaPharm and Hi-Tech Pharmacal subsidiaries which were not integrated into the company’s centralized accounting department and accounting systems” as of Dec. 31, 2014. AKRX was down 4.1% at $51.50 in recent pre-market trading, in a 52-week range of $20.52 to $55.86.
Akorn said it is in the process of completing the Form 10-K and its assessment of the effectiveness of internal control over financial reporting as of Dec. 31, 2014. It noted the finalization of financial information isn’t expected to result in any material change to previously reported financial statements or the financial results reported in its Feb. 26 earnings release. The company also said it expects to be able to complete the Form 10-K by the new eadline of March 17.