News Column

Kirby McInerney LLP Announces That a Class Action Has Been Filed on Behalf of Lannett Company, Inc. Investors

September 2, 2014



NEW YORK--(BUSINESS WIRE)-- Kirby McInerney LLP announced today that a class action lawsuit is pending in the United States District Court for the Eastern District of Pennsylvania on behalf of investors who acquired Lannett Company, Inc. (“Lannett” or the “Company”) (NYSE:LCI) securities during the period from September 10, 2013 through July 16, 2014 (the “Class Period”). Pursuant to applicable law, investors have until October 27, 2014 to file a motion to be appointed as lead plaintiff in the investor lawsuit.

The lawsuit charges that the Company, whose primary business is in manufacturing and distributing generic versions of branded pharmaceutical products in the United States, failed to disclose during the Class Period that it was fixing and controlling prices of digoxin, a product which accounted for 23% of the Company’s annual net sales. The lawsuit alleges that, in violation of antitrust laws, the Company was allocating and dividing customers and territories with competing digoxin sellers, and that these anticompetitive practices subjected the Company to heightened regulatory scrutiny.

On July 16, 2014, the Company announced that it received interrogatories and a subpoena from the Connecticut Office of the Attorney General in connection with an investigation into Lannett’s pricing and customer division of digoxin. On this news, the Company’s stock price declined from $47.09 on July 15, 2014 to $39.04 on July 16, 2014, a one-day price decline of 17%.

If you acquired Lannett securities during this period and you are interested in learning more about this matter and any rights you might have with respect to these claims, you can contact Andrew McNeela, Esq. at amcneela@kmllp.com, by telephone at (212) 371-6600, or you can fill out this form. Please bear in mind that some of these rights may be time-sensitive.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, whistleblower, antitrust and consumer litigation. The firm has specialized in complex litigation, including securities class actions, for several decades. Kirby McInerney LLP has repeatedly demonstrated its expertise in this field, and has been recognized by various courts that have appointed the firm to major positions in consolidated and multi-district litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars, and the firm’s achievements and quality of service have been chronicled in numerous published decisions. Additional information about the firm or the claims against Lannett can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.



Kirby McInerney LLP

Andrew McNeela, Esq., 212-371-6600

amcneela@kmllp.com


Source: Kirby McInerney LLP


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Business Wire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters