Kessler Topaz Meltzer & Check, LLP Announces Shareholder Class Action Filed Against Lannett Company, Inc. -- LCI
RADNOR, Pa., Sept. 16, 2014 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action has been filed against Lannett Company, Inc. (NYSE: LCI) ("Lannett" or the "Company") on behalf of purchasers of the Company's securities between September 10, 2013 and July 16, 2014, inclusive (the "Class Period").
Lannett shareholders may, no later than October 27, 2014, petition the Court for appointment as a lead plaintiff of the Class. A lead plaintiff is a representative party who acts on behalf of all shareholders in directing the litigation against the Company.
Shareholders who wish to discuss this action and their options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706. For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/case/LannettCo.
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.
On July 16, 2014, the Company disclosed that it had "received interrogatories and subpoena from the State of Connecticut Office of the Attorney General concerning its investigation into pricing of digoxin." The Company further disclosed that, according to the subpoena, "the Connecticut Attorney General is investigating whether anyone engaged in any activities that resulted in (a) fixing, maintaining or controlling prices of digoxin or (b) allocating and dividing customers or territories relating to the sale of digoxin in violation of Connecticut antitrust law."
On this news, shares of Lannett's common stock fell $8.05, or over 17%, to close on July 16, 2014 at $39.04, on unusually heavy trading volume.
The complaint alleges that, throughout the Class Period, Lannett and certain of its executive officers made a series of false and/or misleading statements and failed to disclose material adverse facts about the Company's business. Specifically, the complaint alleges that the defendants made false and/or misleading statements and 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; and (4) as a result of the foregoing, Lannett's public statements were materially false and misleading at all relevant times.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or (610) 667-7706, or via e-mail at [email protected]. The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For additional information about the lawsuit, or to request information about the action, please visit http://www.ktmc.com/case/LannettCo.
Members of the class may, no later than October 27, 2014, petition the Court for appointment as a lead plaintiff of the class. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a 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. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported 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.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299 – 7706
(610) 667 - 7706
[email protected]
SOURCE Kessler Topaz Meltzer & Check, LLP
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