Lannett Company, Inc. Securities Litigation (2018)

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Lawsuit Overview

Defendant:Lannett Co Inc
Date Filed:August 24th, 2018
Sector:Health Care
Industry:Major Pharmaceuticals
Class Start Date:February 8th, 2018
Class End Date:August 17th, 2018
Settlement Website:
Settlement Deadline:December 13th, 2019

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.

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First Identified Complaint

Robert Strougo, et al. v. Lannett Company, Inc., et al.

Date Filed:August 24th, 2018
Class Period Start:February 8th, 2018
Class Period End:August 17th, 2018
First Identified Complaint Filings
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