Akorn confirms favorable ruling from Delaware Court

Akorn (AKRX) announced that the Delaware Court of Chancery has denied a request by Fresenius Kabi AG (FSNUY) to bring a fraud claim against Akorn. On February 20, Fresenius filed a proposed amended counterclaim seeking to add a new claim for fraud to its existing request for contract damages associated with the termination of the merger agreement with Akorn last year. The Court of Chancery denied Fresenius’s motion on February 28, noting that “Fresenius did not previously assert a claim for fraud, and the liability phase of the case has concluded. Fresenius could have asserted a claim for fraud at the outset of the case, or amended its pleadings during discovery or before trial. The parties chose to litigate breach of contract claims. It is too late now to introduce a new theory of liability.” Akorn CEO Douglas Boothe said: “”Akorn believes Fresenius’s remaining request for contractual damages is without merit, and we will continue to vigorously defend ourselves against it. We are pleased that the Court has ruled in our favor on this motion. This is an important development for us, as we focus on our future and on strengthening the business to enhance shareholder value.”
https://thefly.com/landingPageNews.php?id=2873341