Akorn finds material weaknesses in internal control over financials Akorn disclosed in today's earnings release that it filed a form with SEC that allows it to extend the deadline to file its Form 10-K for the year-ended December 31, 2013. Akorn said, "The Company has not completed its testing and assessment of the effectiveness of its internal control over financial reporting due in part to identified control deficiencies related to 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. The Company believes that these deficiencies, or combination of deficiencies, represent material weaknesses in its internal control over financial reporting. There is a possibility that upon completion of its testing and assessment of the effectiveness of internal controls over financial reporting, the Company may determine that there are additional material weaknesses. The Company expects to file within the 15-day extension period and expects final financial results will be consistent with those reported in this release."
Akorn initiated with Outperform, $50 target at William Blair William Blair started shares of Akorn with an Outperform rating and $50 price target. The firm says the maker of ophthalmic and hospital-based injectable therapies is one of the fastest-growing companies in the specialty pharmaceuticals sector. William Blair thinks consolidation will likely continue within the specialty/generics market and feels Akorn represents an attractive asset. The stock closed yesterday up 38c to $39.75.