Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Lannett Company, Inc. (LCI)

NEW YORK, Nov. 18, 2016 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Lannett Company, Inc. (“Lannett” or the “Company”) (NYSE:LCI) in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of common stock of Lannett between September 12, 2013 through November 3, 2016 (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the Securities Exchange Act of 1934.

According to the Complaint, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s drug pricing relied on unsustainable pricing methodologies; (2) the Company lacked effective internal controls concerning its drug pricing methodologies; (3) as a result, the Company’s public statements were materially false and misleading at all relevant times and spurred ongoing investigations by the State of Connecticut Office of the Attorney General and the U.S. Department of Justice.  Additionally, media outlets reported that the underlying conduct would likely lead U.S. prosecutors to file criminal charges against the Company by the end of 2016 for suspected price collusion.

If you wish to serve as lead plaintiff, you must move the Court no later than January 17, 2017.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].

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