UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event Reported): April 24, 2015 (April 20, 2015)
Akorn, Inc.
(Exact Name of Registrant as Specified in Charter)
| Louisiana | 001-32360 | 72-0717400 | ||
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
| 1925 W. Field Court, Suite 300 Lake Forest, Illinois 60045 |
| (Address of principal executive offices) |
(847) 279-6100
(Registrant's telephone number, including area code)
________________________________________________________________________________
(Former name or former address, if changed since last report)
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
||
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) On April 24, 2015, Akorn, Inc. (the "Company") issued a press release announcing that on April 20, 2015, the Company's Board of Directors approved the appointment of Terry Rappuhn to fill a vacant seat on the Board and to join the Company's audit committee. A copy of the press release is furnished as Exhibit 99.1 to this report.
Ms. Rappuhn has served on the boards of AGA Medical Holdings, Inc., where she served as the board's audit committee chairperson and Genesis HealthCare Corporation, where she served as the board's audit committee chairperson and as a member of the compliance and compensation committees. From 1999 to April 2001, Ms. Rappuhn served as Senior Vice President and Chief Financial Officer of Quorum Health Group, Inc., an owner and operator of acute care hospitals. From 1996 to 1999 and from 1993 to 1996, Ms. Rappuhn served as Quorum's Vice President, Controller and Assistant Treasurer and as Vice President, Internal Audit, respectively. Ms. Rappuhn holds a Bachelor of Business Administration from Middle Tennessee State University and is a Certified Public Accountant.
The information in Exhibit 99.1 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1. Press release dated April 24, 2015
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: April 24, 2015 | Akorn, Inc. |
|
| By: | /s/ TIMOTHY A. DICK Timothy A. Dick Chief Financial Officer |
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Exhibit Index
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Exhibit No. |
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Description of Exhibit. |
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99.1 |
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Press release issued by the Company on April 24, 2015. |
EXHIBIT 99.1
LAKE FOREST, Ill., April 24, 2015 (GLOBE NEWSWIRE) -- Akorn, Inc. (Nasdaq:AKRX) today announced the appointment of Terry Allison Rappuhn to its Board of Directors and the Board's Audit Committee, effective immediately. In her accomplished career spanning over three decades working with and for public corporations, Ms. Rappuhn has helped rapidly growing companies build infrastructure, processes and teams during periods of transition.
"Terry is a terrific addition to our Board of Directors, and we are extremely pleased to bring her unique talents and financial expertise to Akorn," said Raj Rai, Akorn's Chief Executive Officer. "We look forward to her counsel as Akorn enters the next phase of its growth trajectory as well as the guidance and support she can bring to our management team."
Ms. Rappuhn was the Chief Financial Officer of Quorum Health Group, Inc. and previously served as Vice President, Controller and Assistant Treasurer as well as Vice President of Internal Audit. Prior to Quorum Health Group, Ms. Rappuhn worked in Ernst & Young's audit practice for more than 15 years. Ms. Rappuhn also served on the boards of AGA Medical Holdings, Inc., where she was the board's audit committee chairperson and Genesis HealthCare Corporation, where she was the board's audit committee chairperson and a member of the compliance and compensation committees.
As a health care industry thought leader, Ms. Rappuhn has led the Healthcare Financial Management Association's Patient Friendly Billing® project, which promotes clear, concise and correct patient-focused financial practices and engagement. Beyond her operational and governance experience, Ms. Rappuhn started and currently chairs the Westminster Home Connection in response to the 2010 floods in Tennessee. The group has worked to restore over 500 homes, allowing vulnerable residents to remain in their homes. She is also a member of Tennessee Society of CPAs, the American Institute of CPAs, Financial Executives International, and WomenCorporateDirectors.
About Akorn
Headquartered in Lake Forest, Illinois, Akorn, Inc. is a specialty pharmaceutical company that develops, manufactures and markets multisource and branded pharmaceuticals alongside prescription animal health products and over-the-counter consumer health products. Every day, hundreds of thousands of patients in the United States rely on Akorn products to treat different ailments ranging from the common cold to glaucoma, chronic obstructive pulmonary disease and severe acne. Further, hospitals across the United States rely on Akorn's sterile injectable portfolio to treat acute conditions ranging from bacterial infections to hypertension and heart failure.
Traded on the Nasdaq under the symbol AKRX, Akorn markets its portfolio of close to 200 different products to retail pharmacies, ophthalmologists, optometrists, physicians, veterinarians, hospitals, clinics, wholesalers, distributors, group purchasing organizations, and government agencies. Akorn has manufacturing facilities located in Decatur, Illinois; Somerset, New Jersey; Amityville, New York; Hettlingen, Switzerland and Paonta Sahib, India. Additional information is available on the company's website at www.akorn.com.
Forward Looking Statements
This press release includes statements that may constitute "forward-looking statements", including projections of certain measures of Akorn's results of operations, projections of sales, projections of certain charges and expenses, projections related to the number and potential market size of ANDAs, projections with respect to timing and impact of pending acquisitions, and other statements regarding Akorn's goals, regulatory approvals and strategy. Akorn cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Factors that could cause or contribute to such differences include, but are not limited to: statements relating to future steps we may take, prospective products, prospective acquisitions, future performance or results of current and anticipated products and acquired assets, sales efforts, expenses, the outcome of contingencies such as legal proceedings, financial results and the timing and nature of the final resolution of the accounting issues discussed in this release. These cautionary statements should be considered in connection with any subsequent written or oral forward-looking statements that may be made by the Company or by persons acting on its behalf and in conjunction with its periodic SEC filings. You are advised, however, to consult any further disclosures we make on related subjects in our reports filed with the SEC. In particular, you should read the discussion in the section entitled "Cautionary Statement Regarding Forward-Looking Statements" in our most recent Annual Report on Form 10-K, as it may be updated in subsequent reports filed with the SEC. That discussion covers certain risks, uncertainties and possibly inaccurate assumptions that could cause our actual results to differ materially from expected and historical results. Other factors besides those listed there could also adversely affect our results.
CONTACT: Investors/Media:
Dewey Steadman
Executive Director, Investor Relations
(847) 582-6923
investor.relations@akorn.com