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Lannett Company Inc (NYSE: LCI) Investor Securities Class Action Lawsuit 08/28/2014

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Lawsuit Overview

Case Dismissed
Company
Lannett Company, Inc.
Security
NYSE: LCI

Case Name
Lannett Company Shareholder Class Action Lawsuit 08/28/2014
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of Pennsylvania

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 30, 2014 - The case was voluntarily dismissed.

August 28, 2014 - An investor in shares of Lannett Company Inc (NYSE: LCI), filed a lawsuit in the U.S. District Court for the Eastern District of Pennsylvania over alleged violations of Federal Securities Laws by Lannett Company Inc in connection with certain allegedly false and misleading statements made between September 10, 2013 and July 16, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Lannett Company Inc (NYSE: LCI) common shares between September 10, 2013 and July 16, 2014, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that Defendants made allegedly false and/or misleading statements and/or failed to disclose that Lannett Company Inc was fixing, maintaining, and controlling prices of digoxin in violation of Connecticut antitrust laws, that Lannett Company Inc was allocating and dividing customers and territories with competitors relating to the sale of digoxin in violation of Connecticut antitrust laws, that Lannett Company Inc’s anticompetitive practices subjected Lannett Company Inc to heightened regulatory scrutiny, including possible investigation by the Connecticut Office of the Attorney General ( CTAG ), and that as a result of the foregoing, Lannett Company Inc.'s public statements were allegedly materially false and misleading at all relevant times.

Lannett Company Inc reported that its Total Revenue rose from $106.83 million for the 12 months period that ended on June 30, 2011 to $151.05 million for the 12 months period that ended on June 30, 2013 and that its Net Loss of $0.28 million for the 12 months period that ended on June 30, 2011 turned into a Net income of $13.32 million for the 12 months period that ended on June 30, 2013. Shares of Lannett Company Inc (NYSE: LCI) grew from $4.16 per share in November 2012 to as high as $51.19 per share on July 2, 2014.

Then on July 16, 2014, Lannett Company Inc announced that, it has received interrogatories and subpoena from the State of Connecticut Office of the Attorney General concerning its investigation into pricing of digoxin. According to the subpoena, the Connecticut Attorney General is investigating whether anyone engaged in any activities that resulted in (a) fixing, maintaining or controlling prices of digoxin or (b) allocating and dividing customers or territories relating to the sale of digoxin in violation of Connecticut antitrust law.

Shares of Lannett Company Inc declined from over $51 per share in early July 2014 to as low as $36.86 per share during July 17, 2014.