Milberg LLP Announces Filing of a Class Action Lawsuit against Lannett Company, Inc.

NEW YORK, Sept. 3, 2014 /PRNewswire/ -- Milberg LLP announces that class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of Lannett Company, Inc. ("Lannett" or the "Company) (NYSE: LCI) securities during the period September 10, 2013 to July 16, 2014 ("the Class Period"). 

The complaint alleges that throughout the Class Period, Lannett and certain of its officers violated the federal securities laws by disseminating false and misleading statements to the investing public.

Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company was fixing, maintaining, and controlling prices of digoxin in violation of Connecticut antitrust laws; (2) the Company was allocating and dividing customers and territories with competitors relating to the sale of digoxin in violation of Connecticut antitrust laws; (3) the Company's anticompetitive practices subjected Lannett to heightened regulatory scrutiny, including possible investigation by the Connecticut Office of the Attorney General ("CTAG"); and (4) as a result of the foregoing, Lannett's public statements were materially false and misleading at all relevant times.

On July 16, 2014, the Company issued a press release and filed a Form 8-K with the SEC, announcing that the Company received interrogatories and a subpoena from the State of Connecticut Office of the Attorney General concerning its investigation into the Company's pricing and customer division of digoxin. On this news, shares of Lannett fell $8.05 or over 17%, on unusually heavy volume, to close at $39.04 on June 16, 2014.

If you purchased Lannett shares between September 10, 2013 to July 16, 2014, you may, no later than October 27, 2014, request that the Court appoint you lead plaintiff.  A lead plaintiff is a class member that directs the litigation.  Your share in any recovery will not be affected by serving as a lead plaintiff.  You do not need to be a lead plaintiff to recover.  You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover.  If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel.  The complaint in this action was not filed by Milberg.

If you would like to learn more about this potential matter, please contact the following attorney:

Andrei Rado, Esq.
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: [email protected]

SOURCE Milberg LLP

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