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Fly News Breaks for April 27, 2015
AKRX
Apr 27, 2015 | 07:51 EDT
Jefferies finds Akorn's second restatement as "very surprising" and says one explanation could be that a possible acquirer discovered the rebates/sales allowance errors while conducting due diligence. The firm sees this as less likely, however, to management not dedicating enough resources with the company so heavily involved in recent acquisitions and subsequent integrations. Jefferies believes its Buy thesis on shares remains intact, but notes concerns may persist. It keeps a Buy rating on Akorn with a $56 price target. Shares were downgraded this morning at Piper Jaffray.
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