NEW YORK, Nov. 14, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Lannett Company, Inc. ("Lannett" or the "Company") (NYSE: LCI).
The investigation 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 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.
On these news, Lannett's share price fell from $2.350 per share on November 2, 2016 to a closing price of $17.25 on November 3, 2016—a $6.25 or a 26.6% drop.
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If you invested in Lannett common stock and options 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 [email protected] Faruqi & Faruqi, LLP also encourages anyone with information regarding Lannett's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. [email protected] Telephone: (877) 247-4292 or (212) 983-9330