NEW YORK, Aug. 31, 2018 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of all persons or entities who purchased or otherwise acquired Lannett Company, Inc. (LCI) securities between February 7, 2018 and August 17, 2018, (the “Class Period”). Investors have until October 26, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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: (1) Lannett faced a substantial risk of the loss of its exclusivity agreement with JSP; (2) accordingly, Lannett’s reported revenues were unsustainable, and (3) as a result, Lannett’s public statements were materially false and misleading at all relevant times.
On August 20, 2018, prior to market open, Lannett announced that its distribution agreement with JSP will not be renewed upon its expiration in March 2019. Lannett stated that it “intend[ed] to redouble our continuing efforts to explore options for addressing our capital structure.”
On this news, Lannett’s share price fell $8.15, or 60.3%, to close at $5.35 on August 20, 2018.
If you purchased Lannett securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Lannett Company, Inc. lawsuit, please go to https://bespc.com/lannett/. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com.
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com