The investigation concerns a complaint filed in United States District Court for the Eastern District of Pennsylvania. According to the complaint, on July 16, 2004, Lannett revealed in a press release that it had received interrogatories and a subpoena from the State of Connecticut Office of the Attorney General concerning its investigation into the pricing of digoxin. Then, on November 6, 2014, the company revealed in its Form 10-Q that its Senior Vice President of sales and Marketing was served with a grand jury subpoena relating to a federal investigation involving possible violations of the Sherman Act.
On November 3, 2016, Bloomberg published an article revealing that in connection with the U.S. Department of Justice's investigations into Lannett and other companies, U.S. prosecutors may file criminal charges by the end of 2016 for suspected price collusion. The article detailed that the grand jury probe is focusing on whether executives agreed with one another to raise prices. On this news, Lannett's stock fell $6.25 per share.
If you own shares of Lannett stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, by visiting http://www.brodskysmith.com/cases/lannett-company-inc-nyse-lci/, or calling toll free 877-LEGAL-90.
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SOURCE Brodsky & Smith, LLC