Lannett Company, Inc. develops, manufactures, packages, markets, and distributes generic versions of brand pharmaceutical products in the United States.

According to the law firm press release, the lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Lannett’s drug pricing relied on unsustainable pricing methodologies; (2) Lannett lacked effective internal controls concerning its drug pricing methodologies; (3) as a result, Lannett’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 Lannett by the end of 2016 for suspected price collusion.

On March 20, 2017, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on May 25 and a second amended consolidated Complaint on December 14. Defendants filed a Motion to Dismiss the second amended consolidated Complaint on February 15, 2018. On July 31, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiff was given leave to amend the Complaint. On September 21, Lead Plaintiff filed a third amended consolidated Complaint. Defendants filed a Motion to Dismiss the third amended consolidated Complaint on November 21. On May 15, 2019, the Court issued an Order denying Defendants' Motion to Dismiss.

Lead Plaintiff filed a Motion for Class Certification on October 1, 2020. On August 12, 2021, the Court issued an Order certifying a Class.

On October 20, 2021, the Court issued an Order for the production of Documents. Defendants were ordered to search for and produce all documents responsive to certain of Plaintiffs' requests.

On November 8, 2021, Defendants filed a notice appealing the court's prior Order granting class certification. Defendants filed a Motion on the 22nd requesting this case be stayed pending resolution of the appeal by the Court of Appeals. On January 11, 2022, the Court of Appeals granted the Defendants' Motion to Stay the District Court proceedings.

On April 18, 2023, the Court of Appeals affirmed the District Court's Order of Class Certification.

On May 2, 2023, the Company Issuer Defendant filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Lead Plaintiff voluntarily dismissed the Company Issuer Defendant on October 11.