RM Law announces that a class action lawsuit has been filed in United States District Court for the Eastern District of Pennsylvania on behalf of all persons or entities that purchased Lannett Company, Inc. (NYSE: LCI) (“Lannett” or the “Company”) common shares between September 12, 2013 and November 3, 2016, inclusive (the “Class Period”).
Lannett shareholders may, no later than January 17, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Lannett and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/lci.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose: (1) that Lannett’s drug pricing relied on unsustainable pricing methodologies; (2) that Lannett lacked sufficient internal controls for its drug pricing methodologies; and (3) consequently, Lannett’s public statements were materially false and misleading at all relevant times.
On November 3, 2016, Bloomberg News reported that Lannett was being investigated by the Justice Department, along with other companies including Mylan NV, Teva Pharmaceutical Industries Ltd, Allergan Plc, Impax Laboratories Inc., Sun Pharmaceutical Industries Ltd., Mayne Pharma Group Ltd., Endo International Plc and Taro Pharmaceutical Industries Ltd. Bloomberg News said that the “antitrust investigation by the Justice Department, begun about two years ago, now spans more than a dozen companies and about two dozen drugs, according to people familiar with the matter. The grand jury probe is examining whether some executives agreed with one another to raise prices, and the first charges could emerge by the end of the year, they said.” Following this news, Lannett stock dropped in value.
If you are a member of the class, you may, no later than January 17, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM Law or other counsel of your choice, to serve as your counsel in this action.