On or around 07/23/2019 (Ongoing date of last review)
Filing Date: November 16, 2016
According to the law firm press release, the lawsuit alleges 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.
Company & Securities Information
Defendant: Lannett Company, Inc.
Industry: Major Drugs
Headquarters: United States
Ticker Symbol: LCI
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
John Utesch, et al. v. Lannett Company, Inc., et al.