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 firstname.lastname@example.org, by
telephone at (212) 371-6600, or you can fill
out this form. Please bear in mind that some of these rights may be
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
Source: Kirby McInerney LLP