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Lannett Company, Inc.

Case Summary

Lannett Company, Inc. Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 07/31/2018 (Court's order of dismissal)

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.

Company & Securities Information

Defendant: Lannett Company, Inc.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Major Drugs
Headquarters: United States

SECURITIES INFORMATION:

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.

COURT: E.D. Pennsylvania
DOCKET #: 16-CV-05932
JUDGE: Hon. WENDY BEETLESTONE
DATE FILED: 11/16/2016
CLASS PERIOD START: 09/12/2013
CLASS PERIOD END: 11/03/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint for Violations of the Federal Securities Laws 11/16/2016
2 Order 03/20/2017
3 U.S. District Court Civil Docket 07/28/2017

Reference Complaint

the University of Puerto Rico Retirement System, et al. v. Lannett Company, Inc., et al.

COURT: E.D. Pennsylvania
DOCKET #: 16-CV-05932
JUDGE: Hon. WENDY BEETLESTONE
DATE FILED: 12/14/2017
CLASS PERIOD START: 05/09/2013
CLASS PERIOD END: 10/31/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky LLP
    One Penn Plaza, Suite 2805, Abraham, Fruchter & Twersky LLP, NY 10119
    (212) 279-5050 (212) 279-3655 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  3. Promisloff & Ciarlanto, P.C.
    5 Great Valley Parkway, Suite 210, Promisloff & Ciarlanto, P.C., PA 19355
    215 259 5156 215 600 2642 ·
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Amended Class Action Complaint for Violations of the Federal Securities Laws 05/25/2017
2 Second Amended Consolidated Securities Class Action Complaint 12/14/2017
3 U.S. District Court Civil Docket 01/09/2018
4 Opinion 07/31/2018
5 Order 07/31/2018
 
 

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