Pequot Capital Sells the Bulk of Its Akorn Stake

| About: Akorn, Inc. (AKRX)

Given the fact that we already know Art Samberg's hedge fund Pequot Capital is winding down, we hesitated to even post this. But, we figured we'd quickly write it up anyways because Pequot will still have $1 billion or so invested within their Special Opportunities fund and their Matawin fund, both of which will continue to exist under their current managers. So, while a lot of Pequot's positions will undoubtedly be liquidated, some will still remain.

In an amended 13G filing with the SEC, Pequot Capital Management has disclosed a 1.5% ownership stake in Akorn (NASDAQ:AKRX). This was due to activity on May 31st, 2009 and they hold 1,315,285 shares. This is a massive decrease in their stake in Akorn, as they previously held over 15 million shares in their last 13F filing which disclosed holdings as of March 31st, 2009. So, they have done some substantial selling in this name over the past 3 months. As we covered recently, Pequot is shutting down because of the negative effect an ongoing investigation has had on the firm.

Taken from Google Finance:

Akorn is "engaged in manufacturing and marketing diagnostic and therapeutic pharmaceuticals in specialty areas, such as ophthalmology, rheumatology, anesthesia and antidotes, among others. In addition, the Company markets and distributes vaccines purchased from outside sources. Its customers include physicians, optometrists, hospitals, wholesalers, group purchasing organizations and other pharmaceutical companies."