0001104659-19-076582.txt : 20191230 0001104659-19-076582.hdr.sgml : 20191230 20191230065035 ACCESSION NUMBER: 0001104659-19-076582 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20191230 DATE AS OF CHANGE: 20191230 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: AKORN INC CENTRAL INDEX KEY: 0000003116 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 720717400 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-38896 FILM NUMBER: 191314745 BUSINESS ADDRESS: STREET 1: 1925 W. FIELD COURT, SUITE 300 CITY: LAKE FOREST STATE: IL ZIP: 60045 BUSINESS PHONE: 847-279-6100 MAIL ADDRESS: STREET 1: 1925 W. FIELD COURT, SUITE 300 CITY: LAKE FOREST STATE: IL ZIP: 60045 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Akella Rao CENTRAL INDEX KEY: 0001371437 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: EJ FINANCIAL ENTERPRISES INC. STREET 2: 225 EAST DEERPATH ROAD, SUITE 250 CITY: LAKE FOREST STATE: IL ZIP: 60045 SC 13D/A 1 tm1927541-1_sc13da.htm SCHEDULE 13D/A

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934
(Amendment No. 1)*

 

Akorn, Inc.

(Name of Issuer)

 

Common Stock, no par value

(Title of Class of Securities)

 

009728 10 6

(Cusip Number)

 

Rao Akella
121 Stonegate Rd.

Lake Forest, IL 60045  

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

 

December 23, 2019

(Date of Event Which Requires Filing of this Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box / /.

 

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the act (however, see the Notes).

 

 

 

 

SCHEDULE 13D

 

CUSIP No. 009728 10 6

 

   
1 Names of Reporting Persons:       I.R.S. Identification Nos. of Above Persons (entities only):
 

Rao Akella
   
2 Check the Appropriate Box if a Member of a Group (See Instructions):
  (a) x
  (b) ¨
   
3 SEC Use Only:
   
4 Source of Funds (See Instruction):
   
5 Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e): ¨
   
6 Citizenship or Place of Organization:
  USA

     
  7 Sole Voting Power:
   

21,612,789

Number of Shares

Beneficially

Owned by

Each

Reporting

Person

With

    
8 Shared Voting Power:
  -
   
9 Sole Dispositive Power:
 

  21,612,789
   
  10 Shared Dispositive Power:
    -

   
11 Aggregate Amount Beneficially Owned by Each Reporting Person:
   
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
 
  21,612,789
   
13 Percent of Class Represented by Amount in Row (11):
  17.1%1
   
14 Type of Reporting Person (See Instructions):
  IN
   

 

 

1 Based on Akorn, Inc’s Quarterly Report on Form 10-Q filed for the quarter ended September 30, 2019, there were 126,145,832 shares of common stock outstanding as of October 23, 2019.

 

 

 

Item 1.     Security and Issuer.

 

This Amendment No. 1 to Schedule 13D (this “Schedule 13D”) relates to the common stock (the “Common Stock”) of Akorn, Inc., a Louisiana corporation (the “Issuer” or “Akorn”).  The address of the principal executive offices of the Issuer is 1925 W. Field Court, Suite 300, Lake Forest, Illinois, 60045; its telephone number is (847) 279-6100.

 

This Amendment is being filed to disclose the transactions described in Item 5(c) below. Except as otherwise set forth herein, this Amendment does not modify any of the information previously included in the Schedule 13D.

 

Item  5. Interest In Securities of the Issuer
 

(a) – (b):

 

The Facing Page for the Reporting Person sets forth the aggregate number and percentage of Common Stock of Akorn of which the Reporting Person is the beneficial owner.

 

The shares of Common Stock reported on the Facing Page over which the Reporting Person has sole dispositive and voting power include the following:

 

(i) 15,050,000 shares of Common Stock owned by Akorn Holdings, LP, a Delaware limited partnership, of which EJ Financial Enterprises, Inc. is the Managing General Partner. As President and sole director of EJ Financials Enterprises, Inc., the Reporting Person has voting and dispositive power over these shares.

 

(ii) 1,700 shares of Common Stock owned by several trusts (the “Trust”), of which the Reporting Person is the sole trustee but not a beneficiary;

 

(iii) 3,590,445 shares of Common Stock owned by EJ Funds LP, a Delaware limited partnership, of which EJ Financial Enterprises, Inc. is the Managing General Partner. The Reporting Person serves as President and sole director of the Managing General Partner;

 

(iv) 2,970,644 shares of Common Stock held by EJ Financial/ Akorn Management LP of which Pharma Nevada, Inc. is the Managing General Partner and the Reporting Person is the President and Director of Pharma Nevada, Inc.; and

 

(v) Does not include 2,481,164 shares of Common Stock owned by the John and Editha Kapoor Charitable Foundation and the Editha House Foundation over which the Reporting Person has shared dispositive and voting power with at least two other persons.

 

(c) Annex C, attached hereto, sets forth transactions in the Shares that were effected during the 60-day period ended December 23, 2019. The transactions in the Shares described on Annex C were effected on securities exchanges unless otherwise indicated therein.

 

(d) Inapplicable.

 

(e) Inapplicable. 

 

 

 

SIGNATURE

 

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

December 30, 2019  /s/ Rao Akella, as trustee
   Rao Akella

 

 

 

ANNEX C

 

The following tables sets forth sales of Common Stock made by the Reporting Person during the 60-day period ended December 23, 2019:

 

Date Sold  Number Of
Shares Sold		   Selling
Price
Per
Share		 
11/21/2019   34,919   $3.8373 
11/22/2019   70,681   $3.8472 
11/25/2019   97,332   $4.0701 
11/26/2019   156,518   $3.8379 
11/27/2019   114,910   $3.8016 
11/29/2019   38,920   $3.8120 
12/02/2019   87,496   $3.7960 
12/03/2019   210,437   $3.8487 
12/04/2019   134,243   $3.8380 
12/05/2019   77,226   $3.7729 
12/06/2019   3,936   $3.7543 
12/06/2019   12,237   $3.7643 
12/06/2019   3,900   $3.7528 
12/06/2019   4,694   $3.7517 
12/06/2019   2,787   $3.7556 
12/06/2019   1,472   $3.7500 
12/09/2019   4,518   $3.7536 
12/09/2019   3,118   $3.7548 
12/09/2019   2,788   $3.7537 
12/09/2019   2,819   $3.7531 
12/10/2019   4,920   $3.7501 
12/10/2019   5,058   $3.7504 
12/10/2019   4,586   $3.7501 
12/10/2019   2,794   $3.7500 
12/12/2019   200   $3.7500 
12/13/2019   4,888   $3.6007 
12/13/2019   400   $3.6000 
12/16/2019   6,362   $3.4357 
12/16/2019   5,832   $3.4015 
12/16/2019   2,700   $3.4370 
12/17/2019   65,667   $3.0871 
12/20/2019   1,000,000   $1.7818 
12/20/2019   1,000,000   $1.7402 
12/20/2019   11,640   $1.6913 
12/20/2019   23,279   $1.7104 
12/23/2019   5,000   $1.6520 
12/23/2019   185,539   $1.6800 
12/23/2019   185,539   $1.6800 
12/23/2019   853,107   $1.6800 
Total   4,432,462