NEW YORK, Aug. 28, 2014 (GLOBE NEWSWIRE) -- Pomerantz LLP has filed a class action lawsuit against Lannett Company, Inc. ("Lannett" or the "Company") (NYSE: LCI ) and certain of its officers. The class action, filed in United States District Court, Eastern District of Pennsylvania, and docketed under 14-cv-05008, is on behalf of a class consisting of all persons or entities who purchased Lannett securities between September 10, 2013 and July 16, 2014, inclusive (the "Class Period"). 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").
If you are a shareholder who purchased Lanett securities during the Class Period, you have until October 27, 2014 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Lannett develops, manufactures, packages, markets, and distributes generic versions of branded pharmaceutical products in the United States. The Company sells its pharmaceutical products to generic pharmaceutical distributors, drug wholesalers, chain drug retailers, private label distributors, mail-order pharmacies, other pharmaceutical manufacturers, managed care organizations, hospital buying groups, governmental entities, and health maintenance organizations.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company was fixing, maintaining, and controlling prices of digoxin in violation of Connecticut antitrust laws; (2) the Company was allocating and dividing customers and territories with competitors relating to the sale of digoxin in violation of Connecticut antitrust laws; (3) the Company's anticompetitive practices subjected Lannett to heightened regulatory scrutiny, including possible investigation by the Connecticut Office of the Attorney General ("CTAG"); and (4) as a result of the foregoing, Lannett's public statements were materially false and misleading at all relevant times.
On July 16, 2014, the Company issued a press release and filed a Form 8-K with the SEC, announcing that the Company received interrogatories and a subpoena from the State of Connecticut Office of the Attorney General concerning its investigation into the Company's pricing and customer division of digoxin.
On this news, shares of Lannett fell $8.05 or over 17%, on unusually heavy volume, to close at $39.04 on June 16, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com .
Robert S. Willoughby Pomerantz LLP
