Akorn estimates it overstated '14 financials by $35M

Last April, Illinois-based Akorn Pharmaceuticals ($AKRX) told shareholders it had likely overstated its financial results for the last three quarters of 2014--an announcement that sent shares spiraling and triggered investor lawsuits. Now, the company has an update: It estimates its errors resulted in an overstatement of $35 million for that year, though it's still investigating. And in the meantime, it's hired a new accounting firm to get things in order before May 9, 2016--the Nasdaq's compliance deadline. Release | More