Harwood Feffer LLP Announces Investigation of Lannett Company, Inc.
NEW YORK, Aug. 28, 2014 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Lannett Company, Inc. ("Lannett" or the "Company") (NYSE: LCI), concerning whether the board has breached its fiduciary duties to shareholders.
Between 2013 and 2014, certain of the Company's officers and directors made statements about the Company's business concerning the sale of digoxin, a drug used for treatment of heart failure. However, on July 15, 2014, Lannett received a letter of inquiry from the Connecticut Attorney General concerning its investigation into the pricing and marketing of digoxin. Following the issuance of this announcement, on July 16, 2014, the value of Lannett's common stock declined more than 27 percent.
A securities class action filed in the United States District Court for the Eastern District of Pennsylvania alleges that certain officers and directors at Lannett issued a series of false and misleading statements to investors regarding the company's business. Specifically, these officers and directors misrepresented and/or failed to disclose that: (i) the Company was fixing, maintaining, and controlling prices of digoxin in violation of Connecticut's antitrust laws; (ii) the Company conspired to allocate customers and territories with its competitors in violation of antitrust laws; and (iii) the Company has become the target of an investigation by the Connecticut Office of the Attorney General.
If you own Lannett's shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Matthew M. Houston, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.
SOURCE Harwood Feffer LLP