NEW YORK, Nov. 17, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Lannett Company, Inc. (“Lannett” or the “Company”) (NYSE: LCI ) of the January 17, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of all those who purchased Lannett stock or options between September 12, 2013 and November 3, 2016 (the “Class Period”). The case, UTESCH v. LANNETT COMPANY, INC. et al , No. 16-cv-05932 was filed on November 16, 2016.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company had engaged in activity that would prompt a Department of Justice (“DOJ”) antitrust investigation that could lead to potential criminal charges against the Company.
Specifically, on July 16, 2014, Lannett issued a press release titled "Lannett Receives Inquiry from Connecticut Attorney General" revealing that the Company had received interrogatories and subpoena from the State of Connecticut Office of the Attorney General concerning its investigation into pricing of digoxin, a drug sued for treatment of congestive heart failure.
On November 6, 2014, the Company filed a Form 10-Q for the period ended September 30, 2014 revealing that its Senior Vice President of Sales and Marketing of the Company was served with a grand jury subpoena relating to a federal investigation of the generic pharmaceutical industry into possible violations of the Sherman Act concerning the sale of digoxin. Then, during aftermarket hours on December 8, 2014, the Company filed a Form 8-K revealing that the Company was served with a grand jury subpoena related to the continuing federal investigation of the generic pharmaceutical industry into possible violations of the Sherman Act.
Finally, on November 3, 2016, Bloomberg published the article titled “U.S. Charges in Generic-Drug Probe to Be Filed by Year End” which discussed the DOJ’s two year investigation of suspected price collusion by several pharmaceutical companies. The article included Lannett among the companies being investigated and it also states that the investigation will likely result in prosecutors filing criminal charges by the end of the year.
After these announcements, the Company’s share price was negatively affected, harming investors.
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Take Action
If you invested in Lannett stock or options between September 12, 2013 and November 3, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/LCI . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Lannett’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
