RADNOR, Pa., Oct. 22, 2018 (GLOBE NEWSWIRE) -- Kaskela Law LLC has filed an investor class action lawsuit against Lannett Company, Inc. (: LCI) (“Lannett” or the “Company”) on behalf of purchasers of the Company’s securities between February 7, 2018 and August 17, 2018, inclusive (the “Class Period”).
FINAL DEADLINE: Investors who purchased Lannett’s securities during the Class Period may, no later than October 26, 2018, seek to be appointed as a lead plaintiff representative of the class.
Lannett investors with financial losses in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740, or [email protected], before the deadline to discuss their legal rights and options, or to request a copy of the investor complaint. Additional information about this action, including how to participate in the action, may also be found at http://kaskelalaw.com/case/lannett/.
Lannett develops, manufactures, packages, markets, and distributes drugs that address a wide range of therapeutic areas. At all relevant times, Lannett had an exclusivity agreement with its primary supplier, Jerome Stevens Pharmaceuticals (“JSP”). JSP’s products have historically accounted for over one-third of Lannett’s sales. On August 20, 2018, Lannett shocked investors when it disclosed that its distribution agreement with JSP will not be renewed. Following this news, shares of Lannett’s common stock fell $8.15 per share, or over 60%, to close on August 20, 2018 at $5.35.
The investor class action complaint alleges that defendants made a series of false and misleading statements and failed to disclose to investors during the Class Period 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. The complaint further alleges that, as a result of the foregoing, investors purchased Lannett’s securities at artificially inflated prices during the Class Period, and suffered significant investment losses as a result of defendants’ conduct.
Lannett investors with financial losses in excess of $100,000 are encouraged to contact Kaskela Law LLC before the deadline to discuss their legal rights and options. Kaskela Law LLC exclusively represents investors in state and federal actions throughout the country. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
201 King of Prussia Road
Suite 650
Radnor, PA 19087
(484) 258 – 1585
(888) 715 – 1740
[email protected]
www.kaskelalaw.com
