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Case Status:    ONGOING    
On or around 08/24/2018 (Ongoing date of last review)

Filing Date: August 24, 2018

Plaintiff's law firm issued a press release on August 27, 2018. According to the press release, Lannett develops, manufactures, packages, markets, and distributes solid oral (tablets and capsules), extended release, topical, and oral solution finished dosage forms of drugs that address a wide range of therapeutic areas. Lannett also produces, through its subsidiary Cody Laboratories, Inc., active pharmaceutical ingredients. Lannett derives the majority of its revenue from the sale of drugs that are bioequivalent to certain patented drugs once their patent expires.

At all relevant times, Lannett has had an exclusivity agreement with its primary supplier, Jerome Stevens Pharmaceuticals ("JSP"), set to expire on March 23, 2019. JSP's products have historically accounted for at least one-third of Lannett's sales.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose that: (i) Lannett faced a substantial risk of the loss of its exclusivity agreement with JSP; (ii) accordingly, Lannett's reported revenues were unsustainable, and (iii) as a result, Lannett's public statements were materially false and misleading at all relevant times.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & 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.
COURT: E.D. Pennsylvania
DOCKET #: 18-CV-03635
JUDGE: Hon. Mark A. Kearney
DATE FILED: 08/24/2018
CLASS PERIOD START: 02/07/2018
CLASS PERIOD END: 08/17/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kaskela Law LLC
    201 King of Prussia Road, Suite 650, Kaskela Law LLC, PA 19087
    484.258..1585. ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
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