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Shares of Akorn (AKRX) have fallen nearly 40% since I last wrote about the company in May. Although the operations of the business have performed in-line with expectations, uncertainty around Akorn’s capital structure as well as another FDA warning letter have weighed on market sentiment. However, management fairly cleverly has solved its shareholder lawsuit issues while also demonstrated at least some modest operational improvement. Let’s review these recent developments and also why Akorn’s equity unfortunately looks like a dice roll at present with relatively low odds of paying off positively.