PHILADELPHIA -- (Business Wire)
Lannett Company, Inc. (NYSE: LCI) today announced that the class action
lawsuit filed against the company and certain officers in the United
States District Court for the Eastern District of Pennsylvania, entitled Schaefer
v. Lannett Company, Inc., et al., has been voluntarily dismissed
without prejudice by the plaintiff.
The complaint alleged that the defendants made a number of false and
misleading statements involving pricing of the company’s Digoxin
product. The dismissal follows the company informing the plaintiff that
it had reviewed the complaint and concluded that the claims asserted
were without merit, frivolous and subject to sanctions pursuant to the
Private Securities Litigation Reform Act and Rule 11 of the Federal
Rules of Civil Litigation. The company is reviewing its options to
determine whether there is a basis to seek reimbursement of the legal
fees and costs incurred defending what it believes was a meritless case.
About Lannett Company, Inc.:
Lannett Company, founded in 1942, develops, manufactures, packages,
markets and distributes generic pharmaceutical products for a wide range
of medical indications. For more information, visit the company’s
website at www.lannett.com.
This news release contains certain statements of a forward-looking
nature relating to future events or future business performance.Any
such statement, including, but not limited to, the successful outcome of
the Schaefer v. Lannett Company and similar litigation, and receiving
reimbursement of legal fees, whether expressed or implied, is subject to
market and other conditions, and subject to risks and uncertainties
which can cause actual results to differ materially from those currently
anticipated due to a number of factors which include, but are not
limited to, the risk factors discussed in the Company’s Form 10-K and
other documents filed with the SEC from time to time, including the
prospectus supplement related to the proposed offering to be filed with
the SEC.These forward-looking statements represent the Company's
judgment as of the date of this news release.The Company
disclaims any intent or obligation to update these forward-looking
statements.
Contacts:
Robert Jaffe Co., LLC
Robert Jaffe, 424-288-4098
Source: Lannett Company, Inc.
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