Akorn, Inc. Gets Some Bad News Today

The big story today in the healthcare/biotech space was Akorn, Inc. (Ticker: AKRX). The company has been in a protracted legal battle over it’s proposed buyout by Fresenius, in which the latter company decided to back out of its agreement to buy $AKRX for $34 per share. Closing arguments were made today, but the judge expressed considerable uncertainty about what decision to make, and traders interpreted this negatively. Here’s a recap of what we did.