NEW YORK, Jan. 13, 2017 /PRNewswire/ -- Bernstein Liebhard LLP today announced that only four days remain to file a motion for lead plaintiff in a securities class action pending in the United States District Court for the Eastern District of Pennsylvania against Lannett Company, Inc. ("Lannett" or the "Company") (NYSE: LCI). The action asserts claims on behalf of a class (the "Class") consisting of all persons or entities who purchased the securities of Lannett during the period between September 12, 2013 through November 3, 2016, inclusive (the "Class Period"). The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Lannett develops, packages, manufactures, and distributes generic versions of brand pharmaceutical products in the United States.
According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) Lannett colluded with other companies to fix prices on drugs, in violation of antitrust laws; (2) Lannett lacked effective internal controls concerning its drug pricing methodologies; and (3) as a result, Lannett's public statements were materially false and misleading at all relevant times.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Lannett securities during the Class Period. If you invested in Lannett securities as described above, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than January 17, 2017.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Lannett investor and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The Firm has been named to the National Law Journal's "Plaintiffs' Hot List" thirteen times.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Eastern District of Pennsylvania.
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SOURCE Bernstein Liebhard LLP