The company dealt in developing, manufacturing and marketing of generic and prescription drugs as well as animal and consumer health products.

Akorn commented that "Although much of the information acquired is publicly available, we are in the process of notifying our valued customers about this incident".

[7] On May 21, 2020, Akorn filed for Chapter 11 bankruptcy and entered in to a Restructuring Support Agreement with lenders, which represents over 75 percent of its secured debt.

The filing is to assist with an in-court sale of the company "while addressing litigation-related overhangs and best positioning the business for long-term success under new ownership".

[9] On February 22, 2023, on a brief Teams call, Douglas Boothe CEO of Akorn announced that the company had filed for Chapter 7 bankruptcy.