LOS ANGELES--(BUSINESS WIRE)--
Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Lannett Company, Inc. (“Lannett” or the “Company”) (NYSE: LCI) securities between September 12, 2013 and November 3, 2016, inclusive (the “Class Period”). Lannett investors have until January 17, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Lannett investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to [email protected].
According to the complaint filed in this lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) Lannett was engaging and/or had engaged in conduct that would result in an antitrust investigation by the U.S. Department of Justice ("DOJ"); (2) the DOJ investigation and the underlying conduct could cause U.S. prosecutors to file criminal charges against Lannett by the end of 2016 for suspected price collusion; (3) in turn, Lannett lacked effective internal controls over financial reporting; and (4) as a result, Lannett's public statements were materially false and misleading at all relevant times.
Note: On December 14, 2016, the United States Justice Department accused two executives of colluding with other generic pharmaceutical companies to fix prices, the first criminal charges stemming from a sweeping criminal investigation into alleged price fixing by over a dozen generic drug companies.
If you purchased shares of Lannett during the Class Period you may move the Court no later than January 17, 2017 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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